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What is a rent to buy mortgage?

For people who want to buy their own homes but can’t save enough for a deposit, rent to buy has become a lifeline. Also known as rent to own or rent to save, this specialist mortgage scheme allows renters to gradually buy their rental property from the original owners allowing them to get a foot on the housing ladder. It usually works in one of two ways: 

  • You rent for a period of time at a subsidised rate, and then have the option to buy at the end. 
  • You pay rent at normal rates for a set term and receive some of your rent payments back,  to be used as a contribution towards your deposit for the purchase of the property.

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Is a rent to buy mortgage the same as a zero deposit mortgage?

No, a rent to buy mortgage is not the same as a zero deposit mortgage. With a zero deposit mortgage, the borrower is able to get a mortgage without putting down a deposit. With a rent to buy mortgage, the borrower is building equity with their rent or saving funds for a deposit alongside rent payments. This is then used to obtain a mortgage to buy the property at the end of the lease.

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What kind of customer is a rent to buy mortgage tailored towards?

Rent to buy mortgage schemes are an option for people who:

  • Are fed up with paying someone else’s (their landlord’s) mortgage, can afford the monthly payments but can’t save enough for a deposit or get a mortgage.
  • Are struggling to save for a deposit – If you are currently renting your property you will know how difficult it is to save for a deposit when your current rental payments are high. 
  • Low credit score – if you have a low or no credit score, and have little credit experience a rent to buy could be an option for you depending on the provider. Our team can advise you further.
  • Are self-employed – if you are self-employed it can be hard to save a deposit because your income can fluctuate substantially and you might not have the capital available to invest. A rent to buy can help with this as you won’t need to worry about finding a deposit to get a mortgage.
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What is the criteria for a rent to buy mortgage?

The criteria for a rent to buy mortgage will vary depending on the provider. Generally, borrowers will need to be able to show that they have sufficient income to support the payments, a good rental history (landlord references may be requested), a good credit history, have the right to live in the United Kingdom and are aged over 18. Some providers may have maximum income criteria so you’ll need to earn less than this to be eligible. With some schemes, you’ll also need to be a first time buyer or someone who used to own a property but can’t afford to buy in the current market.

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Why choose Simple Fast Mortgage to help you secure a rent to buy mortgage?

If you are looking for experienced mortgage advisors who have your best interests at heart, you can do no better than Simple Fast Mortgage. Here’s a few reasons why you should work with us.

  1. Access to specialist rent to buy providers: Our team has access to rent to buy schemes i so we can find a solution that’s right for your circumstances.
  2. No-obligation advice: We offer no-obligation advice to help you make the right choices when trying to find the right rent to buy scheme. We’ll also offer advice on your future prospects to help put you in the best position when you come to buy your property at the end of your lease. 
  3. Stress-free process: Buying a property can be stressful, but it doesn’t have to be. When you work with us, we’ll take care of the details and we’ll liaise directly with the provider and we’ll be there to help when you are ready to purchase the property.
  4. Transparent about fees: We believe in being upfront and transparent about our fees from the outset so you’ll never be hit with surprise charges or hidden costs when you take out a rent to buy scheme through us.

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