I've been looking at Rent to Buy schemes as we're thinking of moving, but the size of deposit the lenders are all wanting for the houses we're after is a tad on the steep side (10-15%!) ATM.
I've been looking at a couple of Rent-to-Buy schemes, whereby you agree a value of the property, and a set rental amount. You put down typically 3-5% of the agreed value as a refundable deposit, and then pay the monthly rent as you would for a standard tenancy agreement. At the end of the 1st year, you can then stay for up to another 4 years on the same rent, with the option of purchasing the house at any time for the agreed price. One of the schemes also has the added bonus that any rent paid in the first year's tenancy is added onto the deposit you pay at the start, thus topping it up to a higher amount.
The scheme's are designed to help New Build developers to shift some of the houses that are going unsold, as well as getting first time buyers onto the ladder.
Anyone got any experience of it?