The Rent to Buy scheme effectively allows buyers to ‘try before you buy’. Through the scheme you can rent the home at a reduced rate (typically up to 20% lower than average local Manchester rents), allowing you to save for a deposit to buy it in the future.
With Manchester house prices on the rise, there’s no better time to take advantage of the money-saving schemes available to first-time buyers, primarily Shared Ownership and Rent to Buy.
Whether you’re looking in Manchester City Centre, Stockport, or Salford, the challenges facing first-time buyers are all the same:
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The local property market in Manchester is booming, with beautiful new-build properties being snapped up all across the city and wider Greater Manchester region.
Manchester benefits from its many popular residential areas, proximity to the Peak District, and access to major career opportunities in the city centre. Rent to Buy properties in Manchester also provide a rare opportunity to save while renting, and provide a unique stepping stone towards home ownership for first-time buyers.
Plumlife has rent-to-buy apartments and developments all over Manchester, with our most popular locations including:
To fulfil the basic eligibility criteria for Rent to Buy, you must:
Other specific requirements and steps for Rent to Buy with Plumlife include:
First, take a look at our available rent to buy apartments and houses online. If you see a property that is available in your price range, then simply register your interest online. You’ll be added to our mailing list and sent further information when available.
Once the development has been released and prices are available, you will need to complete the Plumlife online application and return it to reservations@plumlife.co.uk. We will then require photocopies of your P60 or past three months’ wage slips along with information regarding any committed outgoings such as personal loans / HP payments and credit card payments.
Once in receipt of this information, Plumlife will carry out an affordability assessment and inform you if you’re eligible, and then we can arrange a viewing with the Resident Services Associate where possible or provide you with further information regarding availability in order to reserve “off plan”.
| Shared Ownership | Rent to Buy | |
|---|---|---|
| How it works | You purchase a percentage share of a home and make mortgage and rent payments based on the size of your share. | Very similar to standard renting, except the cost of rent is lowered (by approx 20%, usually) to allow tenants to save for a deposit. |
| Key benefits |
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| Who it’s for | Shared ownership is most beneficial for families and individuals who expect their financial circumstances to improve such that they can afford to staircase towards complete ownership. | Rent to buy is most beneficial for individuals who are looking to ‘try out’ homeownership and who have been struggling to save previously. |
The benefits of choosing rent to buy houses in Manchester through Plumlife include:
Find out whether Rent to Buy is right for you by reading our blog: Rent to Buy for the Young Professional: Why It Works So Well
With rent to buy in Manchester, you can rent your chosen home at an affordable discounted rate — typically, 20% lower than local market value averages — allowing you to save the difference. Based on this, here’s how much you could save through rent to buy:
That’s £12,000 extra that can be used towards a deposit for your future home.
Rent to buy homes in Manchester require a deposit equal to the value of one month’s rent paid at least 3 working days before the tenancy start date. You are also required to pay one month’s rent in advance at the same time.
Here’s an example of how much your deposit could cost through rent to buy:
Once paid, your rent to buy deposit is held by the Deposit Protection Scheme (DPS), and you will receive a deposit certificate along with the relevant Prescribed Information Form.
In some circumstances, we may be able to offer Shared Ownership as an option to purchase your Manchester rent to buy home during the initial five-year letting period, but we have no obligation to sell and cannot guarantee that this will be an option.
If we are unable to offer Shared Ownership as an option on your property, we may have other Shared Ownership properties elsewhere for you to consider.
Learn more about shared ownership in our information hub.
At the end of the initial five-year rent to buy period of a new-build property, the Landlord has the option of:
As a Plumlife tenant in Manchester, we expect you to look after your home yourself, but you can report repairs and maintenance issues to Plumlife through our website, customer portal, or by telephone. We also provide an Out of Hours emergency service for repairs when our offices are closed.
Any damage caused to the property, or to any shared areas, by your household or your visitors will be recharged at the time or deducted from your deposit in accordance with Deposit Protection Scheme conditions. This will also be the case should you wish to purchase the property.
If you go on to buy the property — including if purchased through Shared Ownership — you will become fully responsible for all repairs within your property. If you become an owner of an apartment or house that benefits from shared areas on the development, you will be required to contribute to any service charges applicable.
The Home User Guide will be provided when moving into a property and will include how to get the best out of the property, warranties and contact information.
