RentToBuyGuide.co.uk announces the release of the first flexible UK Rent to Buy Arrangement
RenttoBuyGuide.co.uk, the leading rent to buy site in the UK has announced what could be the ideal way for first time home buyers struggling to get their foot on the property ladder by renting to buy!
The website have released details of an arrangement allowing those wanting to buy to choose a property, rent it for a period and then opt to buy it at the end of the rental period, using rent as part of the deposit. Previously, it had been a case of whether you can or canít afford a traditional purchase. With the rent to buy product a first time buyer has the benefit of both worlds.
This new rent to buy product will allow individuals the chance to find suitable property sourced by the site, view the property, agree on the purchase and rental price, move in and rent for around 3 to 5 years, then choose to buy.
Rent to buy is set to take off in a big way once potential buyers realise the benefits to the arrangement. This relatively new product may change the way buyers finance purchase of their first home and is billed as being one of the best ways to get a foot on the property ladder.
The introduction of this scheme is welcome news for buyers who often cannot raise the large deposit needed to take on a mortgage. Indeed anyone struggling to get out of rented property may benefit from the innovative approach of renting to buy.
This news is especially welcomed at this time as recently it has been reported that homebuyers will find it even harder to be able to get a mortgage in the future, due to banks tightening their criteria for lending after the recent financial crisis. Larger deposits are being asked for and the majority of first mortgage applications are being rejected.
Further, it has been suggested that the unexpected rises in UK house prices is dying amid fears that we may see a second dip in the housing market. With house prices falling, this may be the perfect time for first time buyers to take advantage of this new product.
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