Rent to Buy scheme at Aylesbury’s, The Square

A rent-to-buy apartment from £194,250 in HP19 8XU

For those who don’t have a deposit to buy an apartment, there is an opportunity to take advantage of a pioneering Rent to Buy scheme at Aylesbury’s The Square. The ground-breaking development of 163 apartments built around a gated square, is already proving very popular with buyers and renters alike.

A limited number of apartments have been selected that allow renters to accumulate a portion of their rent for two years as a deposit to buy. The offer enables selected tenants to use their rent as the basis for home ownership.

This opportunity is available for first-time buyers who are employed. They will need to pass both rental credit references and independent financial advisor criteria checks.

With the Rent to Buy scheme, you can rent a home while a portion of your payments accumulate towards the 10% deposit required for a mortgage. After two years, your rental premium and a contribution from the developer can contribute to the deposit needed for a 90% mortgage.

A brand new one-bed rent-to-buy apartment with parking can be bought for £194,250 and a two-bed from £239,295, both with parking.

Similar to a Personal Contract Purchase (PCP) plan for vehicles, the Rent to Buy scheme allows you to enjoy the apartment for up to two years before buying. At the point of purchase, the deposit is created from:

·       The rental premium you have already paid

·       A contribution from the developer of up to 5%

·       A balancing payment (similar to a ‘balloon payment’ on a PCP plan) from you of about 1 – 2%

Tenants can start paying towards owning their own home without a lump sum, but with a 30% premium above the market rent prices is required. Both the apartment price and rent are pre-agreed and locked for two years.

The apartments in Aylesbury, The Square, HP19 8XU, are designed in a square with a quadrangle in the middle in a striking, modern development with contemporary finishes.