Rent to Buy can be a very good option for the right buyer, especially if saving a deposit while paying full market rent feels impossible. The reduced rent helps create breathing space so you can save towards buying. It tends to suit first-time buyers with stable income who are likely to be mortgage-ready within a few years. The key is having a clear plan for saving and understanding what deposit you may need when the time comes to buy. If property prices rise, the amount you need could also increase. Used properly, it can be a practical stepping stone onto the property ladder rather than simply a cheaper way to rent.
Your home/property may be repossessed if you do not keep up repayments on your mortgage.
You may have to pay an early repayment charge to your existing lender if you remortgage.
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