32 rent-to-buy homes to be made available at Northampton development of new builds

More than 30 new homes at a Northampton development will be made available on a rent-to-buy basis.

The Lancaster Way development, off Towcester Road, Far Cotton, consists of 140 homes, 32 of which will be part of an affordable pathway to homeownership.

All properties at the site are now complete and ready for residents, who will all be renting or part of shared ownership or rent-to-buy schemes, to move in.

The newly announced rent-to-buy homes will give residents the option of two or three bedroom homes, which they can rent for between five and 20 years while saving for a deposit.

Rentplus - the organisation which has teamed up with housing association, Greatwell Homes to provide this scheme - will then give buyers ten percent of the purchase price towards their deposit, at the end of the agreed rental term.

Denise Lewis, executive director at Greatwell Homes, said: “We’re excited to

continue our partnership with Rentplus to provide more affordable ways for local residents to get onto the property ladder.

“It’s also great to be working with Northampton Borough Council and Barry Howard Homes.

“It is dream of many to be able to own their own home, and we have already provided homes in partnership with Rentplus in Kingsthorpe and Earls Barton and they have proved immensely popular.

“I’m sure these homes on Towcester Road will be no different.”

Steven Collins, CEO at Rentplus, added: “Affordability of housing is an issue across the country, and we are so pleased to be able to offer an affordable rent to buy option to make dreams become a reality.

“These much needed new homes will make a vital contribution to helping the area’s working families onto an affordable pathway to homeownership without the need for the upfront deposit.”

Three of the rent-to-buy homes are currently available and the remaining properties will become available next month.

More information about the rent to buy homes can be found on the Greatwell Homes website where residents can also register their interest and apply for one of the homes, which needs t be completed by January 17.

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