We know that every person, family and situation is different. We do our best to help you uncover creative solutions to help you own the home of your dreams.
Rent to Buy may be the right option for you if you are currently employed and have a plan to own your home within 5 years. If you can pay your rent, but can’t currently get a mortgage or get financing to build yourself due to employment or credit issues, then Rent to Buy could be the answer.
You must be over 21 to apply.
You must live in Ghana. You may be asked to provide evidence that you have adequate right to reside in Ghana. You have to live in the property as your only residence as this service is strictly for First Time Buyer (FTB) Owner-Occupants and not investors.
Home Ownership Status
You can’t apply for our Rent to Buy if you currently own property which includes owning property or land, including commercial, or being named on any property in Ghana or elsewhere.
Remember you must not be able to get a full mortgage or some other home financing option, to be eligible for Rent to Buy. In other words, if your salary levels can qualify you for a traditional home mortgage with any of the BoG-regulated banks in Ghana or via Sikamaster.com (a sister outfit), you don't qualify for our Rent to Buy.
If you already own land or uncompleted building and you need assistance to build and/or complete it at flexible terms via BuildNowPayLater.net (a sister outfit).
If you're a business owner and wants to own a home as a first-time buyer, see GHStartups.com (a sister coutfit).
If you are married, civil partners, or couples living together or intending to live together in your new home, then we would expect you to apply together. If you apply separately, both applications will be declined.
You must not have any debt to any third party which was secured on a previous home.
You may also not have any debt owed to any regulated lender in Ghana (that includes quick loans you take on your phone).
Previous Debt Relationships
You must have concluded any settlement arrangements from all previous relationships.
Qualifying Salary / Income Levels
You must declare all income for the household at the time of application. We may accept income from more than one employment - We accept income earned from overtime, bonuses, commission and allowances up to 80% where sustainable. We will require evidence of the amount and nature of all income. We’ll require payslips for at least the last 3 months of employment. You may be eligible for Rent to Buy properties if you earn under GHs36,000 a year (GHs3,000) as a household, whether it be one person or multiple.
If you’re self-employed, your business needs to be registered with Registrar General's Department and you’ll need to provide summaries for the last full year. You will also need to have been trading with no breaks for at least the last 24 months. In addition, company directors must provide 3 months’ payslips.
If you have experienced a significant change in your income/company income in the last 6 months we may not be able to support your application. You should contact us before applying to help us understand your current situation. We may require further information such as your last 3 months business bank statements.
You also have to be a first time buyer (FTB).
If any information on your payslips is not clear we may require a letter from your employer confirming such anomalies or changes.
If your monthly income is heavily reliant on benefits or other unearned income, we recommend that before you apply you speak with a financial adviser or lender as your type of income may impact your ability to get a mortgage when you take up the Option to Purchase.
We will consider the following other income:
• Pension – both private and state pensions
• Working Tax Credit – If there is more than one applicant, we’ll need to know whether the award is made jointly or to one person.
• Child Tax Credit – For up to 2 children in the household if they are aged 14 and under at the time of application. If there is more than one applicant, we will need to know whether the award is made jointly or to one person.
• Pension Credit
• Employment And Support Allowance
• Disability Living Allowance
• Incapacity Benefit
• Child Benefit – For up to 2 children in the household if they are aged 14 or under at the time of application.
• Universal Credit – can consider child and disability elements (if available).
• Maintenance – we may accept maintenance payments from a former partner for up to 2 children in the household aged 14 or under at the time of application. This may be a private arrangement or court approved. You must provide evidence of the amount and payment history.
• Foster Income
• Housing Benefit – sorry but we do not accept Housing Benefit as other income.
You should have a reasonably good credit history. When you apply to Rent to Buy we will perform a full credit assessment to determine your affordability. Part of this assessment is to look at your credit file, not your score, using the local credit reference agencies (CRAs).
We will look at your credit history which will include things like, if you have any credit cards or loans, the amounts of these, your repayments of these, and if you have any missed or late payments. Your credit history shows how you have managed your credit up to now and is taken into account as part of our decision.
We recommend you get a copy of your credit report before applying and check it. We’ll also conduct a credit check and verify the income(s) for everyone over 18 who is living in your household to confirm that you’ll be able to make your monthly payment.
People with bad credit, no credit, and other financial situations have all been able to rent to buy then purchase their perfect piece of real estate with us.
Things that will affect your credit assessment include, but are not limited to:
- The level and type of credit commitments that you have
- Any late/missed payments
- Any defaults – the number, amount and nature of these
- Court judgments, bankruptcies, individual debt claims filed at the courts
You must be able to service your current credit commitments as part of your outgoings, including your monthly rent. You will need a plan in place to reduce your household debt to a level whereby you will be able to get a mortgage or some other home financing option by the end of your tenancy.
Before making an application to Rent to Buy, Payday Loans or any other debt obligations arrangements must have been settled. Just remember that you can have no adverse credit at the time of making a Rent to Buy application.
Managing your bank account
We will review most recent 3 months bank statements as part of the application. If these show any unauthorised overdrafts, returned Direct Debits, or bank charges for unauthorised usage, you will not be eligible for Rent to Buy. If you are heavily reliant on credit or an overdraft to pay your household costs and other outgoings, you may not be eligible for Rent to Buy.
You must provide evidence (bank statement in your own name) of any savings.
As a rule of thumb, you are not qualified to buy or own a home until you have sufficient funds in an emergency fund and with us you need to have an emergency fund of at least GHs6,000 in your bank account for at least 6 months to the time of application to qualify for our Rent to Buy Homes.
We arrived at the GHs6,000 based on minimum computations on our minimum one-bedroom starter homes from GHs120,000. Learn more.
Lifestyle, spending decisions
All applicants must prove they have been able to afford their current lifestyle. They must also prove they will be able to afford the commitment of renting their home through Rent to Buy from their current disposable income.
We make that determination from your payslips and/or bank statements.
Change in Circumstances
If your circumstances change during an application you must let us know about this. We will review your circumstances. This may result in your application being revised.
The following types of employment are acceptable and you must be with your current employer for at least the following period before you apply as indicated below. You must not be under notice of termination of employment or redundancy.
Permanent – 12 months plus (Public Sector)
Permanent – 24 months plus (Private Sector)
Self Employed – 2 year plus
Viewing & Rental
Once you’ve had a chance to check out the house, you’ll fill out a rental application that will include detailed information on everyone living in the home.