RENT TO BUY
Quartech Solutions aims to assist people to achieve the family home of their dreams. If you find yourself excluded from the mainstream mortgage market, you should consider our Rent First – Buy later.
Find out how Quartech can help you – just email us and we’ll be in touch.
Who is it suitable for?
Individuals who cannot either access standard bank finance or obtain
a mortgage large enough for their circumstances. Our offering is
suitable for those with:
• Variable income profiles disliked by banks
• Credit history; settling with funds or banks
• Religious conflicts
• Family/friends who want to lend their support and not gift as required by the banks
• Self-employed status; with access to surplus company funds
What we provide
Our structure permits you to access the home of your choice but instead of purchasing it outright, you rent before you buy. This opens
up the entire housing market to you and gets you into the home of your choice now.
Advantages over renting
You select the home from the entire housing market.
• You lock in the price of your home now so no matter what happens over the coming years, you are assured of the purchase price.
• Your rent is fixed for the period so you can make saving plans.
• You can treat the property like your home; even improve it as any increase in value accrues to you.
• We can help you settle with a fund or bank and move from mortgage to renting your home.
How do we do this?
We purchase the home you select. We then lease it to you at an agreed rent over an agreed period. You also receive the Right-to-Buy the property at a price agreed today.
You have three costs in our Right-to-Buy model:
1. Monthly rent fixed at the beginning for the agreed period
2. The direct costs of your selected property such as local property tax, buildings insurance and maintenance.
3. The initial Right-to-Buy payment.
The Right-to-Buy costs 5% of the purchase price today. This payment is due at the start and is refundable when you exercise your Right-to-Buy the property. So if your chosen property costs €500,000 today, you pay us €25,000 and you can buy the property from us for €475,000 in the future.
Your monthly rent
Your monthly rent is calculated according to the price of your chosen property and the amount you lend to us. Yes lend to us. The more you lend to us, the lower your monthly rent. The loan can come from the following sources:
• Your own surplus cash
• Friends and family; both personal and pensions
• Your company who wants to help with your accommodation
All loans are secured on the property with a registered legal charge and will be repaid when you exercise your Right-to-Buy. We pay interest on these loans and you set the interest rate. The lower the rate the lower your rent.
You must have loans of at least 10% of the property’s value on selected schemes but remember more loans = less rent.
You chose a home for sale with a selling price of €500,000.
You purchase the Right-to-Buy from us for €25,000 – giving you the Right-to-Buy the home for €475,000 in the future.
You (and/or friends & family) lend us €100,000.
Your monthly rent is €2,700 fixed for 5 years.
What do you need to do to apply?
Just drop us a line at email@example.com setting out the cash available to you to both lend and buy the Right-to-Buy. We will also need an indication of your net income per month, as rental payments should be no more than 40% of cash income. If you are buying together give us both incomes.
NOTE: Our current minimum home value we can facilitate is €350,000. Therefore you will need to have cash of c. €122,500 available to you for this structure.
Warning: Tenancy agreements will be subject to the Residential Tenancies Acts and registered accordingly. You may lose your home If you breach the terms of your tenancy agreement. Your option to purchase the property may also terminate at the same time with no entitlement to repayment of the option premium or any rent paid on the property. If you have any doubts you are advised to seek the advice of a solicitor, accountant or other suitably qualified professional. Quartech is not subject to authorisation or supervision by the Central Bank of Ireland or any other regulatory or supervisory authority and as a result is not covered by the Central Bank of Ireland’s requirements to protect consumers or by any compensation schemes. Quartech does not provide credit or arrange any form of finance. Quartech does not provide financial, debt management, debt advisory, legal or tax advice and the contents of this website should not be construed as constituting such advice. If you have any doubts about the contents of this website you are advised to seek the advice of a solicitor, accountant or other suitably qualified professional.