Rent To Buy - An Affordable Option In The Uk

Purchasing property and finding affordable housing in the UK may be a nightmare for those suffering financially

. When you focus on your essential needs and paying the bills and rent, the thought of owning your own home may have never even crossed your mind. Not because you have never wanted to own your own home, but because it is not something that is possible for you, given your current personal situation. It can also be hard to pull yourself out of a position such as this, and many simply choose to accept that they will never be able to call a property their 'home'.

There are housing associations within the UK that can turn these situations around and they can provide more and more people with the opportunity to own their own home. Even one that they have already been living in!

The rent to buy housing scheme offers an extremely affordable option for you to rent a property for up to 5 years while you save away like crazy for the deposit. With this scheme you will have more money to save each week due to the discounted rent that is applied.

You will need to register with a reputable UK housing association and will then need to apply for rent to buy properties that are within the area you wish to live.

Why is the rent to buy scheme such a great idea?

How often do we get a chance to try before we buy? Not very often, and certainly not when it comes to property. However, this government initiative allows you to do exactly that. You can rent your property and save little chunks at a time that can then be used to purchase a share of the property. You can keep on saving and keep on buying, so that in the end, you can own the property completely. You will finally be able to own your own home!

You will have a choice of rent to buy properties when you have been accepted into this scheme and if, after 2 or 3 years, you decide that it is not the home for you, you will be able to hand in your leave notice and are under no obligation to purchase, or part purchase, the property.

What if you already have a little bit of money saved?

If you have already been saving and are still short for a property purchase or deposit, then you might also like to consider the part buy part rent housing scheme. This will allow you to use your savings, to own a share of the property you are living in, and pay discounted rent on the remaining share. This option is not as flexible as the rent to buy scheme, as you will already own a part of the property from the onset, and therefore, will not be able to simply try before you buy.

Buying a house or apartment in the UK has never been so affordable for so many, with the help of the government and the reputable housing associations.

by: Lawrence White

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