Rent To Buy in Wellingborough Northamptonshire

Under the scheme, Wellingborough Homes can bid for a share of £400 million in low-cost loans to build up to 10,000 new homes across the country to be built from 2015 to 2018 - they will mainly consist of 1 and 2 bedroom apartments.

Wellingborough Homes must then make the homes available for rent at below-market rates for a minimum of 5 years. This fixed period will give tenants the opportunity to save up for a deposit and get ready to buy their own home.

At the end of the period, the tenant will have first refusal to buy the property – alternatively they may choose to move out and buy a different property, or rent another property with Wellingborough Homes.

If the home is sold, Wellingborough Homes will then have the option to use any returns on their investment to build even more affordable homes in the area. Alternatively, they will still have a home, which they can look to rent at an affordable rate to another tenant who needs help to buy.

NOW CLOSED

Rent to Buy applications closed 5th September 2018!

PLEASE READ APPLICATION INFORMATION GUIDANCE BELOW

What is Rent to Buy?

Rent to Buy homes are new build properties which are let to working households who are looking to buy a home but have been unable to save for a deposit. These properties will be let at an intermediate rent (80% of market rent value) on a 2 year fixed term renewable tenancy, for a minimum period of 5 years, providing the opportunity for tenants to save for a deposit to buy.

Availability

We have seven 2 bed, new build, properties available from September 2018. Please find house details at www.wellingboroughhomes.com by searching development name.

Criteria

Applications received will be subject to an assessment to consider whether they have a realistic prospect of purchasing a property and their motivation for buying their own home and any other relevant factors.

This will initially involve verification checks as follows:

Family size
Current family income and future prospects
Household expenditure compared to income
References from previous landlords
Credit checks using professional companies such as Experian
Meet the Right to Rent criteria having entitlement and leave to remain in the UK
Meet the eligibility of Help to Buy and have a unique ref number

Applicants may be rejected where:

The applicant’s income is insufficient to be able to afford the rent.
The applicant has debts or other circumstances that indicate that they are not able to save for a deposit within a reasonable period.
The applicant would be unable to obtain a mortgage at the end of the Agreed Period.
The applicant has rent or mortgage arrears
Would normally be rejected due to Wellingborough Homes polices

Priority

Those from members of the British Armed Forces which will be be prioritised for Rent to Buy schemes according to the current guidance.
Where conditions within the planning consent apply e.g. highest priority given to local people living within the community where the homes have been constructed.

How do I Apply?

Please go to www.helptobuymidlands.co.uk
When completing the form please ensure you select Wellingborough Homes in the drop down box, this will then automatically send us a copy. You should hear within a couple of days whether you are eligible and will receive a unique reference number.
When you have received confirmation from help to buy then please complete our homeownership application. The application can be downloaded from our web site www.wellingboroughhomes.com 'download form here' button

Once complete please attach and send to homeownership@wellingboroughhomes.org

After the closing date of the 5th September 2018 we will begin the assessment of your application. If you meet the criteria we will then request a full Experian Credit check and 3 months bank statements for all accounts held by all applicants who intend to purchase the property. Please have these ready for the 5th September. Once we have been satisfied by all checks we will arrange a home visit.