Rent to Buy in Exeter: Own a New Build Without Saving a Deposit First
Exeter is a lovely place to live, and the price of living here shows it. For renters who can manage a monthly payment but cannot get a deposit together, the gap between the two can feel permanent. Rent to buy closes that gap by letting you move into the home first and buy it later.
The way it works with HomeNow: you choose a new build home in or around Exeter, move in now, and rent it for two years. At the end of the term you buy it, with a rent refund worth 5% of the home’s value going towards your mortgage deposit. No deposit is required to move in.
Rent to buy, without the jargon
Also called rent to own, rent to buy simply means you live in your future home before you complete the purchase. That removes the deposit as a barrier to getting started. You reserve, you move in, you pay a fixed rent, and after two years you buy with that 5% behind you. It suits people who could handle a mortgage but need a little time to be ready for one.
The rent to buy route, step by step
- Qualify check. Tell us your budget and situation. Previous credit trouble does not automatically count you out.
- Choose a home. Browse new build homes across Exeter and Devon, including the EX1 and EX2 postcodes.
- Reserve and settle in. A reservation fee equal to one month’s rent secures the home, then you pay a fixed monthly rent.
- Complete the purchase. Two years in, you buy, and the 5% refund helps fund your deposit.
What makes Exeter a strong choice
Exeter is the regional hub for the South West, with the University of Exeter, the Met Office, and the RD&E hospital among its big employers, plus fast trains from Exeter St Davids and quick access to the M5. Add Dartmoor on the doorstep and the Jurassic Coast a short drive away, and it is easy to see why demand keeps rising. That popularity is also what makes deposits so hard to save here. Rent to buy lets you plant roots in a new build home now, instead of chasing a moving target for years.
Who tends to use it
The typical HomeNow customer in Exeter is a renter with a steady income who has simply not been able to build a deposit while paying market rent. It can still be a fit if you are a first time buyer, if your credit history has a few marks on it, or if being self employed makes the usual mortgage route harder.
The costs, spelled out
You will not need a large deposit to move in. The upfront cost is a reservation fee equal to one month’s rent. After that, a fixed monthly rent runs for the two year term. When you buy at the end, the rent refund worth 5% of the property’s value is applied to your mortgage deposit.
Rent to buy compared with shared ownership
They are easy to confuse but they behave very differently. Under shared ownership you purchase a percentage of a home and rent the remainder, needing both a deposit and a mortgage immediately. With HomeNow you rent the entire home now with nothing down, and buy the whole thing in two years, with the 5% helping you complete. For many Exeter renters that is the gentler on-ramp.
Finding a home near Exeter
Availability across Exeter and the wider Devon area shifts as homes are reserved, so the current list is the best place to look rather than any fixed example.
Your questions, answered
Do I need to save a deposit before moving in?
No. The only payment up front is a reservation fee equal to one month’s rent, followed by a fixed monthly rent.
How does the 5% reach me?
As a rent refund worth 5% of the home’s value, paid when you buy after two years and put towards your mortgage deposit.
Will imperfect credit stop me?
Not automatically. It is worth running the qualify check to see where you actually stand.
Is this only for Exeter?
No. HomeNow covers England and Wales, with Exeter among the active areas.
Ready to start?
If you rent in or near Exeter and want to move towards owning, the qualify check is quick and comes with no obligation.
Your home may be repossessed if you do not keep up repayments on your Home Purchase Plan. HomeNow is a trading name of BOMAD Investments Limited, authorised and regulated by the Financial Conduct Authority (FRN 822295). A Home Purchase Plan commits you to buying the property at the end of the term, and house price growth is not guaranteed. Please read the risks before you apply.