Yes, there is a government-backed Rent to Buy scheme in England, typically offered through housing associations and affordable housing providers. It allows eligible buyers to rent at below market rates, often around 20% less, while saving towards a future deposit. Availability depends on location and provider, and there may be different schemes in London and other parts of the UK. Homes are usually new builds and the tenancy period is often up to five years. At the end of this period, you may be able to buy the home outright or through shared ownership, depending on the provider’s rules.
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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