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Residential Property

Schemes for First Time Buyers: Rent to Buy

Thursday, February 23, 2023

With only 5 weeks to go until the end of the Help To Buy Equity Loan Scheme, we take a look at some of the other schemes available to First Time Buyers.

This week’s pick is the Rent to Buy Scheme which allows you to pay lower rent to save for a deposit.

Key features:

  1. Available to First Time Buyers and you may also be eligible for Rent to Buy if you are returning to home ownership following a relationship breakdown.
  2. Rent to Buy helps tenants in England save for a deposit to buy a home by offering properties at a discount. This is normally 20% below market rent for up to five years (exact period of time varies by property).
  3. To be eligible for the scheme you must be a first time buyer, in employment and able to pay your rent and save for a deposit at the same time.
  4. You can buy a home as soon as you’ve saved enough deposit and can get a mortgage.

Different housing associations use different names, such as Try Before You Buy, Rent Save Buy, Rent to Own, Intermediate Market Rent and more so be sure to check the terms of what you are being offered by a housing association before signing up.

If you have any queries regarding the Rent to Buy Scheme, or other schemes available to First Time Buyers, please do not hesitate to contact the residential conveyancing team at Samuel Phillips Law on 0191 255 0255 or email



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