BetterMove: New Rent to Buy Scheme
National online estate agents BetterMove have launched a Rent to Buy scheme aimed at helping people who struggle obtaining a mortgage. Under the new scheme, those with a small deposit can move in immediately despite being refused by lenders. Basically move now, buy later, and even fix the price for five years.
With so many obstacles and lending criteria harsher than ever, Rent to Buy offers an easy alternative to those who have been refused a mortgage.The innovative scheme gives potential buyers a chance to get on the property ladder and start making a house their home.
Lucy, who runs the scheme at BetterMoves head office says "it has recently become even harder for people wishing to obtain a mortgage due to the introduction of mortgage stress tests. Banks are now looking for every opportunity to decline a mortgage. The response we've received has been even better than we anticipated and have handed over the keys to two new home owners just this week".
The scheme typically runs on a five year term, with an option to extend by a further 5 years . All that is required to move in is a small deposit, along with affordable monthly payments on top of the market rent. This monthly payment goes towards the initial deposit and is used towards the final purchase at the end of the fixed term.
The purchase price is even fixed before moving, so the new owners can make home improvements and benefit from any increase in value and increase in value from year on year appreciation.
For more information and to find out if you can benefit from Rent to Buy, please visit: www.bettermove.co.uk/rent-buy