Tenant to Home Owner

Our Rent Then Buy Scheme

We want you to have a choice – Rent or Buy!

Could buying your home be the right choice for you?

There is the potential for you to reduce your monthly housing costs by buying your home, if you are able and wish to do so. All you have to do is rent a home with us for over four years.

As a valued customer to Prince Bishops Homes, you are under no obligation to buy your home. Many of our customers are happy to continue renting, because of their personal circumstances as it often suits lifestyle choices.

The attached table gives you an approximate idea of costs to buy your home, to enable you to compare costs of renting vs. buying:

Average house Average price to buy Approx Monthly costs with a 5% deposit Approx Monthly costs with 10% deposit Approx Monthly costs with 15% deposit
Two bedroom £110,000 £480 £409 £357
Three bedroom £125,000 £566 £465 £406
Four bedroom £160,000 £725 £595 £520

These figures are based on average costs to buy a standard home and a mortgage with a 30-year term on a two-year fixed rate mortgage with no valuation or arrangement fee. These figures do not include the benefit of help to buy assistance. The numbers are meant to provide you with an indication of the costs to purchase a home compared to your current rental costs. They do not take personal financial circumstances into account and are based on mortgage products available in January 2016.

If you would like to obtain an estimate of what the value of your home may be worth and a rough estimate of what sort of discount that you could be entitled to, get in touch to find out how you can take the first step to owning your own home:

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