Sophie Penney

Rent Now, Buy Later launched

Sophie Penney

Sophie Penney

EweMove has brought to Spalding a unique scheme providing landlords with a guaranteed sale and tenants the chance to get on the property ladder.

Rent Now, Buy Later has been extremely successful for national company and now thanks to Sophie Penney (pictured) this opportunity has been brought to Spalding.

Branch manager Sophie said: “Our scheme has been designed to provide landlords with a cost effective exit strategy and tenants with the chance to get on the property ladder and truly feel at home in the property from day one.

“Selling an empty investment property can be extremely costly especially if it has previously been let and you need to refurbish it before putting it on the market, with Rent Now Buy, Later you have none of those costs.”

With April 2014’s Mortgage Market Review (MMR) brokers say the changes could lead to delays and rejections of mortgage applications.

Previously, many mortgage offers were based on a multiple of the buyer or homeowner’s income.

Now, more consideration will be given to the household budget and how much spare money is available to them.

That is likely to mean more detailed checks, with questions asked about anything from subscriptions to childcare costs.

Rent Now, Buy Later gives hope to first time buyers, the self employed and many others struggling to save a deposit and buy in this market.

Property manager Hannah Laithwate said: “With no need for large deposits the scheme allows tenant purchasers to secure their home with as little as half a month’s rent.

“The rent is then fixed for five years together with an affordable monthly payment to build up their deposit fund.

“This is kept safe and secure in a fully insured Client Money Protection trust account.

“It’s an amazing scheme!”

Currently managing 119 properties across Lincolnshire and Cambridgeshire, nine of which are Rent Now, Buy Later properties Sophie and Hannah have a wealth of experience and success.

Sophie has worked in estate agency for nine years and is a landlord herself, she has built her franchise locally over the last year and is now keen to help the landlords of Spalding with Rent Now, Buy Later as she has done for many in Peterborough.

Carlos Dominguez is a landlord with four properties on the scheme, he said: “We have been landlords for 17 years and inevitably the need to sell some of our properties arose.

“For a landlord this process is fraught with great uncertainty as it means having to give notice and move people from their homes, have the property empty (for an indefinite period of time) with the risks of break in or vandalism and the vagaries of property chains.

“Meanwhile, you continue to pay all the associated costs of a property, often for four to six months.

“When we saw a Ewemove advertisement on Rent Now, Buy Later we thought it was a great idea that suited our particular needs.

“It seemed so obvious to us that it would work given the demand for people to buy their property is so great in the UK.

“With a five to ten year period it means we can continue to rent the properties and obtain an income, knowing that the tenants are also increasing their deposit to buy the property.

“We now have a medium term exit strategy for part of our portfolio, with no associated risks or impeccabilities.

“Ultimately, it’s people that make things work and both Sophie and Hannah from Ewemove have been incredibly efficient at keeping us informed of progress and interest.

“Last month they placed our fourth property on Buy Now Pay Later.

“We have not had to wait longer than three weeks for any of the properties to be offered; the demand has been that great.

“We receive weekly email updates and rent payments from EweMove, keeping us in the loop always.

“Our properties are managed to an incredibly high standard by Sophie and Hannah, so it’s a win-win process that works for us and our tenants.”

You’ll be surprised to hear that the fees for this amazing solution are no higher than normal letting and estate agency charges.

For more information contact Sophie on 01775 535800.

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