The first residents to move in were Mike Nyoni and his partner Megan
‘WE FEEL LIKE WE’VE WON THE LOTTERY’
Mike Nyoni and his young family were the first residents to move into our new affordable housing development Artifex. We caught up with them to see how they’re getting on.
Mike and his partner Megan had been living in private rented accommodation for more than 10 years, and never dreamed they’d be able to one day own their own home.
Now they’re living at Artifex with their two young children, and are working towards buying the home they're living in. Mike, aged 36, is a restaurant manager while Megan, aged 28, is a support worker.
Mike explained: “Our previous landlord decided to sell the property we were living in, so we had to move. Our biggest fears about living in private rented accommodation came true when he decided to sell.
“We just feel so lucky to have found Artifex - it’s in a brilliant location, it’s so convenient and it’s absolutely beautiful - we’re really happy here and it already feels like home. The children love it, especially the ice-cream shop next door.”
The family found the property via Salford Home Search and all 108 of the one and two-bedroom apartments are available under the Rent to Buy Scheme, which is a government initiative designed to ease the transition from renting to buying a home.
Mike added: “The Rent to Buy scheme is perfect for people like us. We’ve been renting for years, but you just feel like you’re paying for someone else’s house, but now we’re working towards buying the place we are living in.
“We never thought we’d be able to buy a property because it’s so difficult to get a mortgage these days, but now we’re looking forward to becoming homeowners.
“The housing market isn’t set up for people like us, so this is a God-send and is the only way we could get onto the housing market - we feel like we’ve won the lottery.”
"THE RENT TO BUY SCHEME IS PERFECT FOR PEOPLE LIKE US. WE’VE BEEN RENTING FOR YEARS, BUT YOU JUST FEEL LIKE YOU’RE PAYING FOR SOMEONE ELSE’S HOUSE, BUT NOW WE’RE WORKING TOWARDS BUYING THE PLACE WE ARE LIVING IN."
What is Rent to Buy?
Rent to Buy is a government-designed scheme that allows working households to rent a new-build home at 20% below the open market rent. People are able to rent the properties for five years at the reduced rate leaving room for them to save towards a deposit and then have the option to buy their home after the five-year period.
Who is it for?
Saving for a deposit can be hard work, especially when you need to rent as you save. If you’re a first-time buyer or returning to the property market after a relationship has ended, Rent to Buy could help you to become a homeowner. You’ll also need to be currently working or self-employed and have an intention to buy your home in the future. You must earn the minimum income required for the home to ensure that it is affordable for you, however there is no maximum income cap for this scheme.
What happens after the rental period ends?
At the end of the rental period, you can use the money you’ve saved as a deposit to buy your home. If you are not quite ready to buy, you can continue to rent at full market rent, or you can move out and find another property using the money you’ve saved as a deposit.