Who Should Apply for a Rentplus Home?
Rentplus is aimed at people who are looking to move into home ownership. You might be renting privately, living with relatives or renting from a housing association or Council. Rentplus will be especially attractive to younger families who will be able to get a mortgage in 5 to 20 years.
You will need to show that you can save a deposit over a number of years, that you will be able to get a mortgage and that you are committed to home ownership.
Rentplus would be suitable for people who
- Are in work or in training
- Have been saving for a deposit or are able to do so
- People who have a good credit history or who are already taking steps to improve their credit score
Rentplus will especially suit people who are looking to buy a home but aren’t able to do so yet, as you will get the chance to save up for a deposit while living in your new home. You might be looking to get a better job, training for a career or looking for promotion.
What should you consider before bidding for a Rentplus Home?
You should consider the following questions carefully before bidding.
a) Can you afford to pay the rent and start saving for a deposit?
b) Will you be able to get a mortgage when your home comes to the end of its time as a Rentplus home?
c) How old will you be when your home comes to the end of its time as a Rentplus home? If you will be over 50 this might affect your ability to get a mortgage.
d) Are there better housing options for you?
If you are high on the HomeChoice list, waiting for a Housing Association home might be a better option.
Applying for Rentplus
Rentplus is new type of affordable housing aimed at people who aspire to home ownership. You will be able to rent a home at an affordable rent (80% of the market rent) for between 5 and 20 years. At the end of this time you will get the chance to buy your home with the benefit of a gifted deposit. Priority for Rentplus homes will be given to those bidding using Devon HomeChoice (see above link) in the first instance. Should there be insufficient applications with a local connection who bid then Tamar will consider applications made directly. To apply directly to Tamar please click on the "applying for a Rentplus home" link above.