1.1  Purpose

1.1.1  This chapter sets out the procedures which must be followed and the conditions under which RSLs must progress the pilot Rent to HomeBuy scheme.

1.1.2  This is the basis upon which the Homes and Communities Agency will assess applications for SHG.

1.2  Context

1.2.1  Rent to HomeBuy is a new product where homes are offered to prospective New Build HomeBuy applicants on an intermediate rent basis for a limited and defined period. It is anticipated that this will be 3 years but may be up to a maximum of 5 years where there are sound reasons for doing so. After which time there will be an expectation that the property will be purchased on shared ownership terms by the applicant under the New Build HomeBuy product arrangements.

1.2.2  Rent to HomeBuy is aimed at applicants who are unable to purchase an initial NBHB share immediately, for example due to not having enough deposit to obtain a mortgage.

1.2.3  The Homes and Communities Agency will be running the Rent to HomeBuy scheme on a pilot basis for the current financial year 2008-09.

For further details of the pilot click here.