what is rent to HomeBuy?
In the current economic climate it is increasing difficult for people to enter the property market. So Wulvern are offering a new scheme called Rent to HomeBuy.
This scheme is a new initiative which allows us to offer you a reduced rent on a modern, new-build home, enabling you to save for a deposit and then go on to purchase the property.
Wulvern have stunning new apartments in Nantwich, Audlem and Audley now available as part of the rent to HomeBuy scheme. For more information about these stunning appartments click on the links on the left hand side.
how the scheme works
You pay intermediate rent, which is no more than 80 per cent of the current market rent, on a new-build home for up to three years. While you are paying reduced rent you can then save up for a deposit so that you can obtain a mortgage and purchase your home.
At the end of the intermediate rent period, or earlier if you prefer, you are able to buy your home through our shared ownership scheme. We will help you to determine the proportion of the property that you can afford to purchase, which has to be between 25 and 75 per cent of the property’s value. You continue to pay rent on the share that you don’t own and as you are able to afford it, you can then buy further shares until you own 100 per cent of the property.
If you are not able to buy the property at the end of the intermediate rent period, we will review your position. Wulvern considers each case on its individual merits but there is no guarantee that your tenancy will be renewed.
You may be eligible for Rent to HomeBuy if you are a first-time buyer with a yearly household income of up to £60,000. There may also be a local connection criteria attached too.
what is shared ownership?
At Wulvern we understand the difficulties people face when trying to enter the property market. HomeBuy is a government-led, shared ownership scheme whereby the customer buys a share in their home and then pays rent for the remaining share to Wulvern. HomeBuy is aimed at helping people who want to become homeowners but cannot afford to buy on the open market in their local community.
The great thing about Wulvern’s shared ownership scheme is that once you’ve got your foot on the property ladder with your initial share, you can then buy further shares in the property after 12 months and eventually buy it outright.
Wulvern have a number of stunning new developments in Nantwich, Audlem and Audley which offer stylish apartments available through the HomeBuy shared ownership scheme.
For more infomation about shared ownership please contact Rachel Shortland on 01270 503573