Award-winning rent to buy scheme available in Ryedale
There is good news for those struggling to get on the property ladder in Ryedale, thanks to Rentplus-UK, which has an awardwinning rent-to-buy scheme that comes with a gifted deposit.
Ryedale District Council is working with Rentplus-UK to offer seven two and three bedroom houses on the Wainds Field Development in Kirkbymoorside. All have private gardens and two allocated parking spaces.
According to Zoopla, the average price for property in Kirkbymoorside is now £257,754 with terraced houses costing an average £192,995, which is unaffordable for many would-be first-time buyers in the area.
RentPlus say first time buyers would need to save an average of more than £25,000 to secure a mortgage and pay the fees most lenders demand, leaving many local residents, particularly key and essential workers on lower incomes, unable to buy their own home.
The Rentplus scheme allows prospective buyers to move into a brand new home without the need for a deposit and with a view to them purchasing that home in the future.
It sees tenants rent their property for five to 20 years at an affordable rate while using that time to save towards their future mortgage deposit and build a good credit rating. They move in with zero deposit and pay rent to a housing association and the rent includes all repairs to the property. At the end of the agreed term, they can purchase 100 per cent of their home, at which point, Rentplus gifts them 10 per cent of the purchase price towards their savings.
Phillip Spurr, Programme Director for Place and Resources at Ryedale District Council, said:
“Ryedale District Council is pleased to be working with Rentplus
“The scheme offers Ryedale citizens an affordable route to home ownership at a time when house prices have become prohibitive for some.
“I would encourage anyone interested in the properties to make an application to Rentplus.”
Steven Collins, CEO at Rentplus, said: “Affordability is a growing issue across the country and Rentplus is really making a difference, turning renters into homeowners.
“This is our first scheme in
Yorkshire and we are very excited to be working with Ryedale District Council to help the area’s working families on to an affordable pathway to home ownership without the need for the upfront deposit.”
The rents for the two and three bed homes will be between £520 and £600 a month. Applicants must be able to demonstrate a local connection to the Ryedale District Council area and must be working and/ or in education or training with aspirations to buy their own home within a five, 10, 15 or 20 year period. Details can be found on the Ryedale Council website and the Rentplus-UK website.
Applications will close on February 4 2022. For more information email applications@ rentplushomes.co.uk or call 01908 738400.
Rentplus is looking for more local authorities, developers and housing associations to work with across Yorkshire and the North East.
The private enterprise was cofounded just over five years ago and is backed by institutional investors. The business model works by buying newly-built homes from housing developers, some of whom have a Section 106 obligation to provide affordable housing on their sites. For more information on rentplus-uk.com.