Buying a home is one of the biggest decisions you make in life, Torus has a range of affordable purchase options, plus developments across the region offering a range of different homes, we are sure we have something to suit you.
There are several government-backed schemes to help first-time home buyers and existing homeowners to buy a home. These include Shared Ownership and Rent to Buy.
Shared ownership
Shared Ownership gives you all the advantages of home ownership on terms you can afford.
You initially purchase a share of a home through a mortgage and deposit or savings. You buy as much as you can afford, from 25% up to a maximum of 75%, and you pay a reduced rent to us on the share that you don't own.
To qualify for Shared Ownership your household must earn less than £80,000 a year and you must not be a homeowner at the time your Shared Ownership sale completes.
If you’re a shared owner, you can increase the percentage of shares in your home, through a process called staircasing. Staircasing allows you to increase your equity share and will reduce the amount of rent you pay monthly. You can staircase up to 100%, dependent on the terms of your lease.
Rent to Buy
Rent to Buy allows working households to rent a home at 20% below the open market rent (also known as Intermediate rent). This can provide you with the opportunity to save for a deposit to go on and purchase a home in the future.
With Rent to Buy, you can live in a high-quality, new build home for a minimum of five years. During that time, you can save towards a deposit and have the option to buy a home through Shared Ownership.
Find out more about these buying options here: