Connells launches rent-to-buy scheme to shift new build flats

Connells has launched what it calls a “pioneering” Rent to Buy scheme to shift apartments in a 163-unit scheme.

The agency likens the arrangement to a Personal Contract Purchase plan for cars; it allows tenants to occupy the flats for up to two years before buying. 

Tenants start paying towards owning their home without a lump sum. The apartment price and rent are pre-agreed and locked for two years.

The rent to pay scheme enables renters to accumulate a portion of their rent for two years as a deposit to buy. 

Tenants use their rent as the basis for home ownership in the development, which is in central Aylesbury.

The scheme is open to first-time buyers who are employed, and who pass rental credit references and independent financial advisor criteria checks.

Connells salesperson Sophie Walsh-Spencer says: “If you are tired of renting and never knowing if you’ll be able to renew your tenancy or if your rent will go up and you dream of stepping onto the property ladder but can’t afford the deposit, Rent to Buy, may be the solution.

“You can rent a home while a portion of your payments accumulate towards the 10 per cent deposit required for a mortgage. After two years, your rental premium and a contribution from the developer can go towards the deposit needed for a 90 per cent mortgage.”

A one bed rent to buy apartment with parking can be bought on £194,250 and a two bed from £239,295, both with parking.