Existing tenant scheme
This scheme is open to first time buyers who have rented for at least the last 12 months.
It will enable you to:
- Borrow up to 85% of the purchase price or valuation, whichever is the lower.
- Match your mortgage payment to your current monthly rent which may allow you to borrow more, up to a maximum of 4 x main income + 1 x secondary or 2.75 x joint.
- The monthly mortgage payment will be based on the interest rate of the mortgage selected and must not exceed the rental amount.
To qualify you need to:
- Have rented for at least 12 months and been responsible for 100% of the rent. If you were only responsible for a proportion of rent, this is the amount the mortgage payment will be matched against.
- Be listed on the voters' roll.
- Provide proof of satisfactory rental payment for the last 12 months.
The mortgage:
- Should be on a repayment basis and be paid by direct debit. Interest only terms can be considered only in exceptional circumstances where an existing savings vehicle is in place.
- Is not available for Buy to Let, Shared Ownership, Right to Buy or any other Local Authority or Government incentive scheme.
Helping you every step of the way
Enter your details in to our online application and one of our advisors will be in touch to make sure you are getting the mortgage that is right for you.
Your home may be repossessed if you do not keep up repayments on your mortgage.
