Rent to Own – Wales is a Welsh Government scheme to support buying a home for those who do not have sufficient funds for a mortgage deposit.
Rent to Own – Wales supports the purchase of a home for those who do not have sufficient funds for a mortgage deposit. The scheme enables tenants of rental properties within the scheme, to build up a lump sum toward a deposit whilst they rent their home. The lump sum toward the deposit can then be used to help secure a mortgage to enable the purchase of the home.
How it works
With Rent to Own – Wales:
- you will have the opportunity to purchase the home you are renting and can build up a lump sum towards a mortgage deposit whilst renting the home
- you will initially rent the home and can receive 25% of the rent paid over the duration of the tenancy and 50% of the increase in the property value (if any) during the period of time you have rented the property to use as a deposit towards purchasing the property.
- your Rent to Own – Wales agreement lasts up to 5 years, you can apply to buy your home at anytime between the end of the 2nd year and the end of the agreement.
For the latest information on Rent to Own Wales visit the Welsh Government website here https://gov.wales/rent-own-wales.