NewsTuesday 17th May 2022
SDR forms new partnership with rent-to-buy champion Rentplus
SDR has formed a new partnership with Rentplus-UK to offer more affordable rent-to-buy homes across the whole of Devon, plus parts of the east side of Dorset and Somerset.
Rentplus is a proven affordable rent-to-buy scheme operating across England. Tenants move in with no deposit and pay affordable rent for between five and 20 years. This gives them time to save a deposit and build a good credit rating.
When they are ready to buy, Rentplus gifts them 10% of the purchase price to boost their savings and enable them to purchase 100% of their home.
In 2021, the first renters who moved into Rentplus homes without any deposit in Plymouth and Sherborne were able to purchase their home after just five years. Many had managed to save a significant sum, which together with the gifted 10%, meant they had equity of 20-25% in their home from day one and could access a high street mortgage.
Rentplus has already identified several sites across Devon where it might initially offer nearly 50 affordable rent-to-buy homes to deliver home ownership for local working people in partnership with SDR.
Steve Collins, Rentplus CEO, said: “This new partnership between Rentplus and SDR means more affordable rent-to-buy housing will be available to local aspiring home-owners.
“We look forward to delivering more affordable rent-to-buy homes in South Devon, turning local renters into home-owners”.
Christine Candlish, SDR Chief Executive, added: “We’re delighted to be working with Rentplus and are looking forward to helping local people realise their home ownership aspirations.
“Having more Rentplus homes in Devon will help local people to stay living and working in the area. This supports delivery of a key objective of SDR’s corporate strategy, enabling working people to create homes where they want to live and bring up their children, whilst helping to nurture stable communities in the longer term”.
The partners will work together to allocate homes through Devon Home Choice, the local authority lettings system, and will announce the schemes as they become ready.
More at: https://www.rentplus-uk.com