After launching its first Rent to Buy scheme in May 2020, housing provider Ongo has announced that all tenants are on track to purchase their home.
Living in a Rent to Buy property means that for the first five years, tenants pay less than market rent, to allow time to save towards a deposit.
It’s a national initiative to support people to get on the property ladder that do not have enough saved.
So far, Ongo has handed over 34 Rent to Buy homes in Scunthorpe on Lancaster Road, Rochdale Road, Collum Avenue, and Crown Green Court.
An investment of around £4.3m has been made so far on these types of homes, with Ongo planning more in the future, including five on Station Road in Scunthorpe.
These are due to be handed over in December this year.
Properties are a mix of two- and three-bedroom houses.
When moving into his home last year, Ryan Payne said: “We rented before and without this option of paying less to save up a deposit, we would have definitely struggled to buy.
“This house is not only bigger, in a nicer area and perfect for our little family, but it gives us the option of actually getting on the property ladder, which is what we’ve always wanted.”
Jane Crookes, lettings manager at Ongo said: “We knew when we launched Rent to Buy it would be popular, but we could have never predicted just how sought after and successful it would have been.
“Not only are people actively checking for the next development, one year in, those moved in are achieving the savings they need and are on track to buy.
“It makes us extremely proud to know these homes are allowing those without a deposit, and in some cases with no hope of ever owning their own home, do just that.
“We’re hoping to build lots more like this in the future, as part of our aim to build 225 new homes each year, so keep an eye out for them.”
Image: Ongo staff at a Rent to Buy scheme on Collum Ave, Scunthorpe
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