THE success of a scheme to help people get their foot on the property ladder has gone through the roof.
Rent to Own, owned by Seaham-based Interlet North East, allows buyers to purchase a home with a deposit of around 10 per cent of the agreed sale price and move in straight away.
They pay an fixed monthly rent and a ‘top up,’ which builds up towards a mortgage deposit.
In six months, the scheme has helped more than 30 buyers, mainly in Sunderland and Peterlee.
John Paul, managing director of parent company the Castledene Group, said: “Purchase options have been used in commercial and land transaction for hundreds of years but we have only started to see them being used for residential transactions quite recently.
“We have put our own modern twist to the scheme by designing policies that are aimed at being transparent to both buyers and tenants.”
The company has recruited Stuart Hutchinson, from Easington, as an advisor.
Stuart, 51, said: “I am looking forward to helping people who are struggling to get on the property ladder to own their own home and in this climate this is a scheme that will continue to grow across the whole of the North East,” he said.
“The Government’s own Help to Buy Scheme will also hopefully move the housing market forward”.
Laura Yates, and partner Stephen Patterson, were the first family to benefit from the service and moved into their new home on Glenegles Road in Grindon in April.
The scheme also helps landlords who cannot sell their property.