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Rent to Own Initiative supporting local first time buyers


A new route to home ownership

At MHBS, we’re always looking for new ways to help local people achieve their ambitions and build brighter futures. That’s why we’re excited to be preparing the launch of our new Rent to Own scheme, a practical and innovative initiative designed to help more first time buyers take their first step onto the property ladder.

We know that saving for a deposit whilst paying rent can be one of the biggest barriers to home ownership. Our Rent to Own scheme has been created to help bridge the gap between renting and buying, giving local people a more accessible route towards owning a home of their own.
 
Full details, including eligibility criteria, application information and Terms and Conditions, can be here!

Frequently asked questions about the Rent to Own Initiative below.

The Initiative is designed to help aspiring first time buyers who can afford to rent but are currently unable to save enough for a deposit.
Successful applicants will rent a property from Market Harborough Building Society at the open market rent. Once they have rented the property for at least 12 months and are ready to buy their first home, 60% of the eligible rent they have paid may be provided towards their deposit, subject to the scheme’s conditions.

If you are successful, you will be able to rent a property from us. After you have been renting from us for a minimum of one year, if you’re ready to purchase your own home, 60% of the rent paid will be returned to your solicitor or conveyancer to help with your deposit as part of your first house purchase.

To meet the initial eligibility criteria, applicants must:

 
• Be a first time buyer who has never owned a freehold or leasehold interest in a residential property anywhere in the world
• Be purchasing a property that will be their main residence
• Apply alone or with no more than one other person
• Live, work or have a close relative living within 15 miles of the Society’s branch network
• Have a minimum annual income of £40,000, either individually or jointly
• Have a maximum annual income of £60,000 as an individual applicant, or £80,000 for a joint application
• Receive their income in pounds sterling into a UK bank account
• Have a permanent right to reside in the UK or hold EU Settlement status
• Pass the required credit and letting agent checks
• Have no criminal record
• Not have diplomatic immunity. 
 
The final decision on whether an applicant meets the initial eligibility requirements is made by the Society. 

A first time buyer is someone who has never owned a freehold or leasehold interest in a home anywhere in the world and who is purchasing their only or main residence.
For joint applications, both applicants must meet this definition.

The 5 flats available are as follows:- 


1 x Ground Floor Studio Flat 
2 x First Floor One Bedroom Flats 
1 x Multi Floor One Bedroom Flat 
1 x Multi Floor 2 Bedroom Flat

All flats feature the following: 


– Fitted kitchen 
– Fridge/Freezer 
– Induction Hob 
– Dishwasher 
– Washing Machine 
– Heating 
– Fibre connection 
– Carpets and flooring 
– Electric Shower

To apply for the Rent to Own scheme, please email Thrive@mhbs.co.uk for an application form and further instructions.
 
Applications will be reviewed against the scheme’s eligibility criteria before being entered into the ballot process. Applicants should ensure they meet the requirements relating to first time buyer status, local connection and income before applying.