Rent to Buy scheme > Escape A Lifetime of Renting
A Rent to Buy Scheme will allow you to "Buy Your Own Home" in a matter of weeks - without needing a mortgage right away...
Do you want to escape from a lifetime of renting? Then read this article to learn how a Rent to Buy Scheme can get you on the property ladder. Simply by renting a place you can buy later...
Anyone can do it - you just need to learn how these rental schemes work - and then follow a carefully laid out plan...
put an end to a lifetime of renting
Are you someone who's been led to believe that due to your circumstances - getting on the property ladder isn't possible for you?
Maybe you've been told there's only one way to buy a house - buy right now with a mortgage?
And if you can't do that - then stop dreaming and give up on the idea of owning your own place because:
It isn't happening any time soon?
This simply isn't true - there is a tried and trusted alternative way to Buy A House - using a Rent To Buy Scheme
Rent to Buy Scheme
The real truth is that Karen and Phil - that's us your website hosts - can show you an alternative way to buy a house and get on the property ladder - that hardly anyone knows about.
It's called "Rent to Buy" - sometimes known as a "Rent to Buy Scheme" or "Rent to Own".
We're not 100% sure why Rent to Buy isn't better known by lots more people.
Or why it isn't completely "mainstream" already.
But that's the current situation.
Your "gO tO" Rent to Buy website resource
So the idea behind this website (which you've already come across or you wouldn't be reading this) is so you can learn all about Rent to Buy.
And why a Rent to Buy Scheme is something you should consider as a viable way for you to get on the property ladder.
In fact our aim is to make this website your "GO TO RESOURCE FOR RENT TO BUY INFORMATION". Because quite simply there isn't anything already.
Our aim is to make this website your GoTo resource for Rent to Buy information
So please take a good look around - BE A SPONGE and soak up all the FREE information. And see if it makes sense for you - in your unique situation?
A great first place to start would be to take the FREE TRAINING COURSE.
In a nutshell - who is rent to buy for?
We're glad you asked - so let's get right on with it:
Rent to Buy is for people who want to buy a house and get on the property ladder. So if you do want to own your own home - then this is definitely something for you to get super excited about.
A Rent to Buy Scheme is for people who can't get a mortgage right now. But who can get a mortgage in a few years time. let's say in 3 - 5 years time.
Rent to Buy involves renting a place that you buy later. So you rent first and buy the exact same place later with a mortgage.
Is Rent to Buy for me?
Just for now - let's forget about the nuts and bolts around how Rent to Buy works. This will all be covered. And it really isn't that difficult if you don't mind learning a few things and following a process?
Instead let's concentrate on the "IS RENT TO BUY FOR ME" side of things.
Because it's key to understand the possibility that you can "own your own home without needing a mortgage right away".
You can Own Your Own Home - Without Needing A Mortgage Right Away
Rent to Buy is totally life-changing for people once they realise how it can work for them.
But as we've already mentioned it isn't terribly well known or understood.
So here's an example for you to think about. Don't worry if this example doesn't cover your actual situation - you just need to understand the concept.
Dave and Paula - a "Normal" couple
Dave and Paula are living together and currently renting a house together. All of their friends and family live locally and they too rent similar houses.
So to all intents and purposes Dave and Paula are "normal" because they're doing what everyone they associate with is also doing.
Dave is a self-employed plumber and Paula is studying to be a midwife. They once made a casual enquiry about getting a mortgage - but were told that in their situation they couldn't get one.
They have around £4,000 in savings (an inheritance) which isn't enough for a deposit.
Dave and Paula didn't really understand why they couldn't get a mortgage and so left it at that - too complicated!
So they rented a place (same as all of their friends and family) and have been doing so for the past 2 years.
Life wasn't too bad... until.
Then their landlord dropped a bombshell
10 days ago their landlord - Jim - dropped an unexpected bombshell. He sent a letter saying he was planning to sell the house so he was giving them 2 months notice to leave.
Paula did a bit of Googling and realised that their landlord has every right to do this. And that they indeed would have to find a new place to live with only 2 months notice.
They quite like the house and area they're living in. It's close to the hospital and great for Dave's business.
Their friends said they'll help them to find another place to rent. But their friends all live busy lives too.
Their parents said they'll help. They love their parents dearly - but in reality they don't want to end up living back at one of their parent's houses.
Their only option is to rent another house?
So Dave and Paula believe their only viable option is to rent another similar house nearby. Paula talks to some letting agents and they start to think about moving.
Dave just "goes with the flow", but Paula wonders if this is what life is always going to be like.
It seems unfair that they are having to move house when they've done nothing wrong.
The letting agent is quoting hundreds in fees and deposits etc. And then there's the house moving costs - and the hassle of arranging the electrics, the gas, the council tax etc etc.
So their £4,000 savings will take a hit!!
And they'll have to move house whilst still doing their jobs.
Paula has exams soon and Dave has his books to get right for his accountant - never mind doing his plumbing job.
Avoiding the same situation over and over
Paula wonders if there's another way?
Many of her colleagues at the hospital have bought their own houses. And when Paula has chatted to them - they don't seem any cleverer or better off than her and Dave are.
So Paula is firmly open to options to avoid a repeat of the current situation.
She's been told by the letting agents that the most security she'll get in a new rental is 1 year - or more likely only 6 months.
So she could end up going through all of this hassle now - only for it to repeat again in 6 months time.
"Aaaarghhh what else can we do" - wonders Paula?
There's only 2 options - aren't there?
1) The first option that Dave and Paula could consider is to look for another house to rent. They only have a short window of time or they'll end up living in one of their parent's houses. And they could face eviction if they don't move out in 2 months (as they legally agreed to do when they signed their rental agreement).
2) The second option is that Dave and Paula could buy a house now. However getting a mortgage right now isn't possible because Paula hasn't finished her exams. And Dave's business though doing quite well hasn't been going for a long enough period of time.
So for most people that's where the choices end with the 2 options above. Option 1) rent another place or option 2) buy a place (which they currently can't do).
A Rent to Buy Scheme is a third option
3) There's a third option RENT TO BUY where you i) rent a place for 3 - 5 years (typically) whilst you build up your mortgage deposit and improve your ability to get a mortgage. And then ii) buy the same place with a mortgage.
And how can this work for Dave and Paula?
Dave and Paula can approach Jim their current landlord (who they get on quite well with) and ask him whether he'd consider continuing to rent to them if they committed to also buy in 3 - 5 years time.
This is possible because:
In a few years time Paula will have finished her exams.
And Dave will have a few more years of accounts to prove that his business is sustainable.
So getting a mortgage will be possible.
And so a Rent to Buy Scheme could work for them quite nicely.
What about Jim the landlord - he'll need to agree?
Yes of course. Jim the landlord will need to agree to enter into a Rent to Buy arrangement. He'll need to understand how it all works and be agreeable.
So Dave and Paula will first need to understand the process - so they can explain it all to Jim.
In fact a Rent to Buy Scheme can work very nicely for Jim here also - why? Because Jim is only selling his rental property because he's fed up with the hassle.
He bought the house back in 2007 and believed he'd make lots of money - but he hasn't.
He believed house prices would keep doubling every 7 -10 years as they had done in the last 50 or so years - but they didn't.
Now the final straw for Jim is that the UK government are introducing huge tax increases - so he can't even make the property pay any more.
Jim wants a hassle free sale
However for Jim to sell his property is YET ANOTHER HASSLE. He's selling for exactly the same price as he bought it for so there's not even an incentive to sell to make some money.
So imagine if Jim learned about a way to sell his property by continuing to rent out to someone who'll buy it afterwards. And the people who are proposing this to him are his current tenants - who he quite likes.
This could work very nicely for Jim - don't you think?
Our advice would be - in case you're wondering
So if we were advising Dave and Paula about the idea of buying Jim's property (the place they already rent) - then the advice would be to first find out how a Rent to Buy Scheme works. And then to make a proposal to Jim.
None of this is rocket science. Delivering babies and putting in plumbing solutions is far more difficult than learning how to do rent to Buy 🙂
What if Jim isn't agreeable?
Approaching your current landlord (Jim in this case) is only one option. Another option is to learn how Rent to Buy works and then approach other landlords and home-owners.
So for Dave and Paula they could start approaching landlords and home-owners to see if a Rent to Buy Scheme could work for them.
There's thousands and thousands of people like Jim out there who have properties for rent (and for sale) that they'd rather not own any more.
Rent to Buy can work for a large number of these people - so it's just a case of finding out how it works and then finding a landlord or home-owner that this can work for too.
If you haven't done so already then take the FREE TRAINING COURSE to learn how it all works.