Roy / Rent Now Buy Later
Roy, 27, knew it was time to buy his own home. He’d saved a deposit and found the ideal new flat offered on part buy, part rent basis at Meridia Court in Stratford.
The flat was in a new development by East Homes and Telford Homes with communal courtyard and gym. But despite having a good job as a retail branch manager, Roy’s savings didn’t quite match the banks requirements to secure a mortgage.
“I fell in love with the flat and knew it was the one for me. I was determined to get on the property ladder, but my bank wanted 20-30% deposit,” explained Roy. Then East Homes introduced Rent Now Buy Later. “It’s brilliant,” said Roy. “It allows me to save for a deposit while renting the home I will eventually buy. With the refund of rent after six months, I am well on the way to reaching the deposit I need to get a mortgage.”
Roy was hooked on Meridia Court as he is a keen footballer and loves to keep fit. “I can even cancel my gym membership as I have use of the complex’s gym. That’s more money that can go to my deposit!”
Pamela Gardner, Interim Director of Communities and Neighbourhoods said: “Rent Now, Buy Later has really taken off. In less than two years we have signed up more than 360 customers – and these households are telling us what a huge difference it has made to them. Roy Smith is an example of someone who can stake a claim now in the home he wants to live in longer term. We’re proud to have been one of the first organisations offering this innovative scheme, which provides a practical solution for the many first time buyers struggling to get on the ladder in these difficult economic conditions, allowing them to save up a deposit while paying a reduced rent and ‘test driving’ their new home.”
