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How it works
So how DO you buy your own home without using the bank’s money until you are ready to complete the purchase, which could be years from now?
The Answer Is Easy…
Rent Now, Buy Later!.
It's a simple, FAST, effective, and 100% legal way to own your own home, and is easily achieved using standard paperwork.
Why not put your money into buying your own home, rather than paying ‘dead rent’ into your Landlord's pocket each month?
What Is Rent Now, Buy Later . Anyway???
Rent Now, Buy Later provides a great way to get you painlessly onto the property ladder, quickly and with no fuss or hassle.
In a ridiculously short space of time…in some instances just DAYS… you could be living in your own home – a home that you are actually buying.
Rent Now, Buy Later enables you to live in your new home now, with an option to buy it at an agreed date in the future. In the meantime, a proportion of your payment comes off the price of the house, rather than being ‘dead money’ as is the case when you rent.
Rent Now, Buy Later gives you the opportunity to save a deposit, improve your credit history, sort your life out or improve your employment position, while all the time living in a house you can call home.
Your commitment is only for the length of your ‘Assured Short hold Tenancy' (AST) rental agreement and requires that you make consistent monthly payments both for your rent and deposit credits.
However, if for some reason your circumstances change and you no longer wish to proceed with the purchase, you are under no obligation to do so whatsoever.
In the meantime, you can plan for the time when you own the property 100% outright, with absolute confidence. You can treat your new home as your own immediately! Decorate it how you want, plant the garden, undertake minor home improvements. Not only will this mean that your home will be something you can feel proud of, but more importantly, it will ADD VALUE! And the best bit? All the profit you make is yours!!!
Rent Now Buy Later is sometimes known as "rent to own", "rent to buy" or "a lease option purchase".
It should not be confused with 25%/50%/75% shared equity schemes such as "shared ownership".
The fact is that no matter what your situation, we will be able to help you own your own home.
What Would Owning A Home Today Mean For You?
-Just imagine how owning your home would benefit you…Move in fast – in some instances just DAYS!
-Stop struggling to raise a large deposit – you don’t need one!
-Take your time to pay down the price of your home, whilst improving your financial position.
-Buy at a fixed price NOW, so YOU benefit from a rising market. If your circumstances change, there's no obligation to proceed.
-As in a normal house purchase, your interests are covered by legal agreements
Rebuild your Credit Rating – Stop worrying about defaults, CCJ’s and bankruptcy
In a nutshell, how does Rent Now, Buy Later!. work?
It couldn’t be simpler…
#1 With a small up front payment (tiny compared with mortgage lenders), you secure the purchase.
#2 You move in and live in your new home whilst paying a monthly amount, which consists of market rent plus a little extra towards buying.
#3 The agreed fixed price and time (typically 2 or 3 years but can be over a term of up to 20 years if needed) enables you to get your mortgage in place, when you're ready. In the mean time, you can buy the house at any point within the agreed time period.
Like leasing a car, at the end of the agreement (or any time during it) you can make the big payment to buy out the rest of the house (using any mortgage lender or broker you choose).
And being fixed, the purchase price doesn’t go up. So you know exactly how much you’ll pay. And if the value of the house does go up, you make a profit!
Look, we're climbing out of the recession. It's time to fix the price of your new home TODAY!
How About An Example?
Sure…Let’s keep it simple…Mark and Sarah find a property they like on our site and enter into an agreement to purchase the property in three years time. The property is worth ￡140,000 today. Mark and Sarah agree to pay ￡150,000 for the property in three years time. (If the property is worth more at the end of the agreement, Mark and Sarah make a profit). Mark and Sarah put down ￡3,000 ‘getting started money’, which comes off the purchase price at the end of the agreement.
The market rent for the property is ￡675. Mark and Sarah agree to pay ￡625 rent per month for the three-year term, with a guarantee of NO INCREASE in that time. Mark and Sarah can afford to pay an extra ￡175 ‘Top Up’ per month above their monthly payment. 100% of this ‘Top Up comes off the purchase price at the end of the term. We match the ‘Top Up’ pound for pound over the three years.
Mark and Sarah move into their new home immediately. Three years later, when the day comes to complete, the purchase price has already been agreed.
(However, the actual market valuation is now ￡160,000!) Mark and Sarah need a mortgage of 90% of the purchase price, or ￡135,000. They also need a deposit of 10%, or ￡15,000.
Mark and Sarah have the original ￡3,000 ‘getting started money’ they put in at the beginning. Their ‘Top Up’ of ￡175 per month over the three years, provides a further ￡6,300 towards the deposit. Then there’s
the pound for pound match money we put in, which equates to a further ￡6,300. In total, ￡15,600.
Once the mortgage was secured, we gave back ￡600 to Mark and Sarah, which they spent on a new TV. So for ￡3,000 up front and less than current market rent, Mark and Sarah moved into their own home immediately. When they completed, they received cash-back and their home of three years was worth ￡10,000 more than what they paid for it!
Still Want To Pay ‘Dead Rent’..?
So there you have it! Rent Now, Buy Later is the ideal opportunity for you to get yourself onto the property ladder FAST, so that you can reap the REWARDS of the next PROPERTY BOOM!
It’s a solution that can be tailored to suit your exact requirements. And more importantly, it won’t cost you a small fortune, like traditional buying methods!
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