Rent to Buy
Rent to Buy gives you the chance to rent a home whilst saving to buy the property after five years.
In partnership with West Highland Housing Association, we have have built a number of new properties at Dunbeg in Oban which allow you to pay a monthly rent on the property of your choice as well as giving you the opportunity to buy it after five years. This gives you time to save a deposit and have your finances in place whilst living in your new home.
Each month you pay your rent, a portion will be set aside and when you come to buy the property it will be used to provide a discount on the sale price. A valuation will also be carried out when you wish to buy and for each full year of occupancy you are entitled to a 1.5% discount off the market value.
Who is eligible?
Priority is normally given to first-time buyers and people who:
- are existing housing association tenants
- are in local employment or moving to the area to take up employment
- are not dependent on benefits
- are living in accommodation which no longer meets their needs
- cannot meet their housing needs on the open market
If you are eligible, you are required to provide evidence that you will be able to obtain a mortgage. You do not, however, need to have a deposit or mortgage in place when you move in. You have five years to save your deposit and plan your mortgage.
Where do you have properties available for Rent to Buy?
At present, we only have properties for Rent to Buy at our Dunbeg development in Oban.
Our current development programme does not contain any further new developments for Rent to Buy.
For more information on these properties please contact us.