rent & save
A step-by-step guide
- Secure your Scotia rental with £250, fixing the monthly rent and future purchase price
- Complete rental information forms including authorisation for Scotia Homes to obtain credit references
- Scotia Homes obtain credit references
- Scotia Homes to issue the rental agreement including future purchase price
- Meet your solicitors regarding the rental agreement and future purchase price
- You pay first month’s rent and move into your new Scotia home rental on arranged date
- Each month in advance you make the agreed rental payment, which will be converted towards your deposit
- At the end of the 12 to 24-month period of lease (or earlier by agreement) Scotia will convert your rental payments towards your deposit to buy your new home
- Immediately following payment of the balance of the purchase price, your purchase is complete and the lease expires
Typical Example
Based on a property with a monthly rental of £550 and a purchase price of £124,950 on a 24-month lease.
| Sales Price: | £124,950 |
| Less Monthly Rent of £550 x 24 months’ lease period, converted to deposit of: | £13,200 |
| Mortgage | £111,750 |
Freephone City Financial on 0800 389 3345. Please ask for details.
All mortgage offers are subject to status of applicants and provided City Financial are appointed as mortgage brokers the following will be paid and is based upon a purchase price of £249,950 i.e. mortgage arrangement fee up to £500 surveyors valuation fee up to £250 (incl. vat), legal fees up to £1,250 (incl. vat and excl. outlays) and mortgage payment protection insurance premium paid for 2 years, Scotia Homes Ltd are appointed introducers to independent advisors City Financial. Available on selected properties only, please ask for details.
Your home may be repossessed if you do not keep up repayments on a mortgage. Be sure that you can afford the repayments before entering into a credit agreement.