Over 20 households have been accepted onto the new Rent to Own scheme in Northern Ireland.

Five households have already moved into their new houses and another 17 have been accepted onto the scheme.

The pilot initiative, which has been made possible by a £12.5 million investment by the Department for Communities, is targeted at assisting lower income households onto the property ladder. It provides customers with the opportunity to rent a new home of their choice for up to three years and, at the end of the rental period, receive a rent rebate of 25% towards a mortgage deposit to purchase the property.

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Communities Minister Paul Givan said: "I am delighted that 22 individuals and families now have a new home, or will have a new home in the near future, as a result of the Rent to Own pilot. Rent to Own represents a new way of thinking and shows how my Department is supporting the aspirations of people who want to get on to the property ladder.

"Increasing housing supply is a key priority for my Department. My officials continue to look for new ways of meeting housing need across all tenures. The success of the Rent to Own scheme pilot so far offers key learning opportunities for how we design and deliver future initiatives."

The scheme is being exclusively delivered via OwnCo Homes, a subsidiary of the Northern Ireland Co-Ownership Housing Association, and aims to deliver 90 affordable new homes across NI over the next two years.

(CD/LM)