The Moving on Up Scheme

Our innovative Moving on Up scheme allows residents to buy their property after renting for 4 years by giving a discount which can be used as a deposit when applying for a mortgage.

Moving on Up

Understanding the Moving on Up Scheme

New homes available for rent to buy across the North East with our innovative ‘Moving on Up’ scheme.

This scheme is designed for those individuals who wish to purchase a home but cannot afford a mortgage or access funding.

The scheme provides an opportunity for the resident to buy their property after renting the home for 4 years by giving a discount which can be used as a deposit when applying for a mortgage. For more information, please view our Rent then Buy Scheme page.

See examples below of how the scheme works

How the Moving on Up Scheme Works

1. On commencement of tenancy you will be notified of the initial price of your property.  This will be approximately the current value of the house.

2. After living in the property for four years you can apply (in writing) to Prince Bishops Homes to purchase your home.

3. Prince Bishops Homes will then value your home. If you are unhappy with the valuation you can, at your cost, have two alternative independent valuations carried out (by valuers approved by Prince Bishops Homes).  The highest of these two valuations will then be used as the valuation price for your home.

4. Prince Bishops Homes will then offer to sell the house to you at the valuation price less 50% (discount) of the difference between the initial price and the valuation or at the initial price if this is greater than the valuation.

5. The discount cannot exceed £20,000.

The resident does not have to participate in the scheme and there is no penalty or additional rent charge to be included.

Average house Average price to buy Approximate monthly cost
with a 5% deposit
Approximate monthly cost
with a 10% deposit
Approximate monthly cost
with a 15% deposit
2 bedroom £110,000 £505 £406 £347
3 bedroom £125,000 £574 £462 £395
4 bedroom £160,000 £735 £591 £505

Speak To Us About Moving on Up

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