How to Get Your Foot in the Door ; Struggling Young Londoners Can Join a Scheme That Lets Them Live in Their New Home While They Are Saving to Buy, Explains Jane Barry

Evening Standard - London › July 22, 2009

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Summary

KEEN to buy but can't afford the big deposits lenders demand? Rentto-buy could be your answer. The government-funded scheme (officially called Rentto-HomeBuy) offers a common-sense way for first-time buyers to ride out the present crisis. You rent a home at below market rates with an option to buy a share within a given period - say, three years. You have time to save a deposit. And you can test out your new home before you commit.

"Rent-to-buy lets people sit tight, pay rent and plan sensibly for the biggest purchase of their lives," says Belinda Porich of the National Housing Federation, which represents housing associations. "We welcome the flexibility it offers housing associations." "It's about what the customer wants," maintains Kate Worley of housing association East Thames. "High numbers of people aspire to own their own homes."

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Extract

How to Get Your Foot in the Door ; Struggling Young Londoners Can Join a Scheme That Lets Them Live in Their New Home While They Are Saving to Buy, Explains Jane Barry

BOTH SIDES BENEFIT

At least 20 London housing associations offer this option. It's a sensible financial solution for them, too. The credit crunch has left many homes intended for shared-ownership without bu...

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