Rent Plus in Wellingborough Northamptonshire

Rentplus properties offer aspirational home owners an affordable opportunity to purchase their own home through a combination of affordable rents and a ten per cent gifted deposit.

Rentplus properties are let on 20-year full repairing leases to Greatwell Homes who will manage the stock. The properties can then be allocated to people and families in housing need.

This can include households on council housing lists who wish to become home owners, those registered with choice based lettings and Help to Buy agents, or persons in private rented accommodation with limited or no ability to save for a deposit.

Rentplus homes will all comprise new build properties with strong energy efficiency performance, meaning occupiers can achieve savings on household bills.

Tenants have five-year renewable tenancy agreements, at an affordable rent set at 80 per cent of market rent, including any service charge, with no maintenance responsibilities, giving them time to save for a deposit and build creditworthiness records that will support mortgage applications.

After a tenancy period of five, ten, fifteen or twenty years, the occupier will be invited to purchase their property. While there is no obligation to purchase, those who do choose to buy receive a gifted deposit of 10% of the property’s market value. As there is no chain and they are already in situ, there are none of the delays, uncertainties or moving expenses of most house purchases.

All Rentplus homes are sold after 20 years. If they are not purchased by the occupier then Greatwell Living may purchase them to provide further affordable housing in the local area,

Here are a few Frequently Asked Questions about the Rentplus scheme.

What Is Rentplus?

Rentplus is new type of affordable housing aimed at people who aspire to home ownership.

Each Rentplus property will be on the scheme for an agreed period of between 5 and 20 years. At the end of the agreed period each home is sold, preferably to the existing tenant with a gifted deposit.

How Does Rentplus Work?

On each Rentplus site, homes are divided up into four groups, each is on the scheme for an agreed period of between 5 and 20 years as shown below.

25% of properties will be Rentplus homes for 5 years
25% for 10 years
25% for 15 years
25% for 20 years

Initially, you will be given a five year tenancy, and this will be renewed every five years until the property reaches the end the agreed period.

When your property reaches the end of the agreed period you will be given the opportunity to buy your home. Rentplus will also give you a deposit of 10% of the value of your home as a gifted deposit to add to your own savings. You can get advice on how big a deposit you may need by clicking on the links on the right.

Who is Rentplus Suitable for?

Rentplus is aimed at people who are looking to move into home ownership. You might be renting privately, living with relatives or renting from a housing association or Council. Rentplus will be especially attractive to couples and younger families who will be able to get a mortgage in 5 to 20 years.

You will need to show that you can save a deposit over a number of years, that you will be able to get a mortgage and that you are committed to home ownership.

Are in work or in training
Have been saving for a deposit or are able to do so
Have a good credit history

Rentplus will especially suit people who are looking to buy a home but aren’t able to do so yet, as you will get the chance to save up for a deposit while living in your new home.

What Type of Home Could I Get?

Rentplus sites may offer a variety of homes, with each site being different. You may be able to get a home with up to one bedroom larger than your family needs now, although this will depend on availability and whether you can afford the rent.

At the start of the tenancy the rent will be set at an affordable rent, which is 80% of the market rent. This will only be increased by the Consumer Prices Index plus 1% every year. At the end of each 5 year tenancy the rent will be reset to 80% of the market rent again. There is no deposit but you will be expected to pay the normal household bills.

Do I Have To Buy My Home or Can I Chose Any Home?

Rentplus is set up to help you buy your home. You won’t be able to trade or swap with anyone else or buy a different home.

What Happens at The End of The Agreed Period?

We hope that you will be able to buy your home at this point. We will help you to find a mortgage and support you through the purchase of your home. If you can’t buy your home you may be able to extend the agreed period, depending on availability.

If we can’t give you any longer on the scheme and you can’t buy your home we will support you to find alternative accommodation.

What If I Want to Buy My Home Earlier Than The End of The Agreed Period?

This may be possible. If another family is unable to purchase their home you will be given the chance to buy your home instead.

Am I Guaranteed That I Can Stay Until The End of The Agreed Period?

So long as you pay your rent, do not cause a nuisance, look after your home, there are no significant changes in your family circumstances and you don’t breach your tenancy you will be able to remain in your property during the agreed period. You may, however, leave at any time by giving us 4 weeks’ notice in writing.

Do I Have The Same Rights As Other Social Housing Tenants?

Broadly yes, you have the same rights. Your landlord will be responsible for carrying out repairs and looking after any communal areas. You will need to seek permission from Greatwell Homes before doing the following:

take in lodgers
run a business from your home
keep pets
make improvements to your home.

You won’t have:

The right to exchange with another social housing tenant
The Right to Buy or the Right to Acquire

If you are moving from social housing you will be losing some rights. You should seek advice about this from the CAB or other housing advisor.

What Happens when I Apply?

First we will check whether your meet the basic criteria.

This means

That you are working or in training
That you have no adverse credit history
That you do not have high debts.

We will then visit you in your home to ensure that the details you have given are correct. We will expect to see proof of

Your credit history
Your employment or training contract
Your income, such as wage slips and benefit books
Your debts and savings, including bank statements
Your outgoings, such as bank statements
Your family make up

We will check to ensure that you can afford the rent now and save for a deposit in the future. We will help you to understand what you will be expected to do to have a Rentplus home and how you can prepare for home ownership.

We will then assess your application, and if you are successful we will offer you a property, with a maximum time as a Rentplus home between 5 and 20 years.