A new innovative product now available in Northern Ireland which provides an alternative path to home ownership for those who are having difficulty accessing a mortgage has just been launched by Minister Morrow.
Rent To Own enables tenants to rent the new home of their choice home for a period of three years. At the end of the rental period they have the option to purchase their home either through Co-Ownership or through a traditional mortgage.
“Rent to Own is a new product especially for Northern Ireland and available here now for the first time. It is the only product which assists those who are not yet ready to purchase a home. It offers security of tenure at a fair price in decent accommodation. The value built into Rent to Own comes at the end of the rental period, when tenants will receive a rent rebate of 25% towards a mortgage deposit on their property.”
“Rent to Own offers tenants a better option than simply renting, with no prospect of a return. It starts with a commitment to a 3-year payment plan with a down payment of £2,500 and an inbuilt 25% rebate on rent paid. Together they build up a lump sum to be used towards purchasing the property. We really are thinking differently about renting.”
Why not contact us for further information today.
Article taken from https://www.co-ownership.org/news/rent-thinking-differently-renting/ - Minister Morrow & Mark Graham, a Director of OwnCo
