Connells has launched what it describes as a “pioneering” rent-to-buy scheme aimed at helping to sell flats in a development featuring 163 new build homes.
The estate agency says the rent-to-buy offering is similar to a Personal Contract Purchase (PCP) plan for vehicles, as the scheme allows consumers to enjoy the apartment for up to two years before buying.
Tenants start paying towards owning their own home without a lump sum. The apartment price and rent are pre-agreed and locked for two years.
If the scheme proves successful at The Square development in the centre of Aylesbury, the agency is likely to introduce across other developments it has been instructed to market.
Connells Aylesbury estate agent on-site sales specialist, Sophie Walsh-Spencer, said: “If you are tired of renting and never knowing if you’ll be able to renew your tenancy or if your rent will go up and you dream of stepping onto the property ladder but can’t afford the deposit, Rent to Buy, may be the solution.
“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 go towards the deposit needed for a 90% mortgage.”
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