Welcome to Property Property Property, the fastest growing property portal in the UK.
Further details have been revealed on the approaching £400m ‘Affordable Rent to Buy’ scheme that will start this forthcoming summer.The Government is pinning their hopes that the loan finance scheme will attract developers who are new to the building for rent.
There was little detail revealed about the funding in last year’s Spending Review. However, the working paper from last week’s Department for Communities and Local Government adds more detail for the forthcoming bidding guidance that is due during the summer of this year.
The access to funding will be through a bidding process which will be assessed for value for money and credit-worthiness – deadline for bids is set for October 2014. The model put forward will see retrievable loans from the Government, which are available to meet part of the development costs.
These available loans would be 50% at the start on site and another 50% on completion. Lastly, any homes built under the Affordable Rent to Buy, should be then let at an ‘Affordable Rent’. This is calculated up to 80% of the surrounding market rates for at least seven years. When the initial seven year period comes to an end and on successful repayment of the loan finance, developers are free to sell the property or rent the property for full market rent.
To sign up today, email us at or call us on to talk about our service in more detail.