At Barratt and David Wilson Homes, we have just launched a new scheme to turn renters into buyers. It works by helping people build the deposit they need to buy while allowing them to live in their dream new home.
The New Scheme: Rent then Buy
The new scheme, called Rent then Buy, allows qualifying first time buyers to put down just a 2.5% deposit, exchange contracts, and move into their new home straight away. It is being launched initially as a pilot in the Barratt and David Wilson Homes Southern Regions across the South East.
Using the scheme, buyers can spend six months renting their chosen new home while their monthly payments build their deposit up to 5%. At the end of the six month rental period, the money they have paid in rent is counted as being the remaining 2.5% of their deposit, and they can then draw down a 95% mortgage and complete the purchase of their new home.
Addressing Common Challenges for First Time Buyers
First time buyers often tell us they can’t save for a deposit because they are already paying “their landlord’s mortgage.” This is why we are launching Rent then Buy to solve that problem for FTBs. The scheme offers an innovative way to speed up the saving process, allowing homebuyers to get started on their new life in one of our beautiful new homes across the South East.
With saving for a deposit becoming increasingly difficult and with rents rising fast, Rent then Buy offers homebuyers a chance to seize the moment and lock in the home of their choice. Instead of paying private rent that eats up all their savings, they can put that money to good use as part of their deposit, all while they are enjoying living in their new home.
For more information about the scheme and the homes that are available, visit barratthomes.co.uk or dwh.co.uk.
HOMES AVAILABLE WITH RENT THEN BUY
ANGMERING, WEST SUSSEX
Ecclesden Park
FROM £369,995 FOR A TWO BEDROOM HOME, AVAILABLE WITH RENT THEN BUY
Located on the edge of the South Downs National Park and just a short drive from the beach, Ecclesden Park offers buyers the best of the rural lifestyle, with both country and coastal pursuits available. The development itself is located just a short walk from Angmering’s high street, which is home to amenities including a Post Office, convenience shop, butcher, and a selection of pubs and cafes. Further afield is the Rustington Retail Park, and the nearby towns of Littlehampton and Worthing offer extended shopping and leisure activities, including yachting and sailing clubs. Ecclesden Park is located just over a mile away from Angmering station, which offers services to Brighton in 35 minutes and London Victoria in 95 minutes. dwh.co.uk/new-homes/dev001608-ecclesden-park/
WHITFIELD, DOVER, KENT
Richmond Park
FROM £299,995 FOR A THREE BEDROOM HOME, AVAILABLE WITH RENT THEN BUY
Having sprung up in the village of Whitfield, just outside of Dover, Richmond Park is the ideal location for first time buyers. There is a new primary school within walking distance, plus a number of easy to access amenities including a GP surgery and Post Office, and large supermarkets and retail parks are just a short drive away. Richmond Park is only 10 minutes away by car from the famous White Cliffs, while fast trains reach London St Pancras from Dover Priory in just over an hour. From the ferry port, residents can be in France within 90 minutes. barratthomes.co.uk/new-homes/dev002468-barratt-homes-at-richmondpark/
