Co-Ownership is a shared ownership plan, Co-Ownership buy a share and you (the purchaser) buys a share that is affordable, between 50% and 90%.
The mortgage is paid on the purchasers bit and the Co-Ownership is paid rent on their bit (you don't always need a deposit with Co-Ownership - some lenders take our share instead of a deposit). Because the rent that is set is lower than the market rate and the mortgage you need is smaller, your monthly repayments could be less than they would be if you'd bought it outright. When you you're able to, you can increase your share in your home bit-by-bit until you own it all.
Rent to Own is an alternative route to home ownership. Many people want to buy a home but believe they can't due to obstacles like employment or credit issues.
Rent to Own's aim is to get those who want to own their own home, but aren't quite in a position to buy yet. You can choose to rent a new build house up to the value of £190,000 for up to 3 years whilst taking steps to improve your mortgagability. At the end of the tenancy, you can buy the property from us at its current market value. Rent to Own will give you a 30% refund of the rent that you have paid which can be used as a deposit for your mortgage on the property. Simply put, you choose the property, Rent to Own buy it, you rent it and the buy it from Rent to Own.