Rent to Buy at the Greenwich Peninsula
A range of apartments is available at Peninsula Riverfront, the final phase of the Upper Riverside district.
Take a look inside
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What is Rent to Buy?
Rent to Buy lets you agree the price of an apartment up front and live in it for 12 months before you buy it. You exchange contracts with a 5% deposit, live there under a licence to occupy, and complete the purchase with a mortgage, subject to approval.
How does it work?
After you've viewed an apartment and agreed a purchase price, you exchange contracts and pay a 5% deposit. You then move into the apartment under a licence to occupy, rather than a standard tenancy.
While you live there, you pay a fixed monthly licence payment. It's priced like a typical rent and worked out by taking 5% of the purchase price and dividing it by 12, so on a £600,000 apartment the payment is £2,500 a month. It isn't a mortgage repayment.
You complete the purchase 12 months after exchange. At completion, the seller, provides a separate incentive that takes your deposit from 5% to 10% of the price, and you buy the apartment with a 90% mortgage, subject to approval, arranged through an exclusive broker, Heron Financial. If you can't complete by then, you risk breaching your contract, which could mean losing your deposit and the incentive.
What is Greenwich Peninsula like?
Greenwich Peninsula is one of London's largest redevelopment projects: 150 acres with 17,500 new homes, seven neighbourhoods, 48 acres of open public space and 1.6 miles of River Thames frontage and walkway. It is home to The O2, and from North Greenwich station the Jubilee line takes you to Canary Wharf in 2 minutes, London Bridge in 8 and Bond Street in 17. Peninsula Riverfront, in the Upper Riverside neighbourhood, was designed by SOM, the architects behind the Burj Khalifa and One World Trade Center, and sits directly on the river, with river views from most apartments.
The Upper Riverside Club
Being part of Peninsula Riverfront gives resident-only access to the 20 private amenities that make up The Upper Riverside Club
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What is the process to buy with Rent to Buy?
Give us a call
Tell us about your income, monthly commitments and your deposit. We'll also answer any questions you may have about Rent to Buy.
Find a home
There are a range of apartments available from Studios through to 1, 2 and 3 bedroom apartments. All of them have iconic views of the River Thames and London skyline.
Go on a viewing
Once you choose which apartment is best for you and you meet the financial requirements, we can book you in for a viewing.
Make an offer
Then negotiate with the developer. If they accept, you'll start your journey of buying your apartment.
Exchange and move in
Once you exchange on your apartment you'll be able to live in it under a licensing agreement whilst making your 12 monthly payments.
12 months on, you own it!
After 12 months you would get a 5% incentive from the seller, Knight Dragon, to contribute towards your ownership and the apartment is yours!
What are you waiting for!
Give us a callFrequently Asked Questions
How much do I need to pay upfront?
You pay a 5% deposit when contracts are exchanged. The £2,500 reservation fee you pay to reserve the apartment counts towards that deposit, so it isn't an extra cost. You also pay your own solicitor's fees, Stamp Duty Land Tax (SDLT) and other costs associated with buying a home. These depend on the price of the apartment and your circumstances.
How is my monthly payment calculated?
Your monthly licence payment is fixed when you exchange contracts. It's calculated as 5% of the purchase price, divided by 12, and it stays the same for as long as you live in the apartment. For example, on a £600,000 apartment the monthly payment is £2,500.
What is the monthly payment, and do I get it back?
While you live in the apartment, you pay a fixed monthly licence payment, set at a level similar to typical rent. It isn't a mortgage repayment, and it isn't returned to you. At completion, the seller, Knight Dragon, provides a separate incentive that takes your deposit from 5% to 10% of the price, under the terms of your contract.
What do I pay for while I'm living there?
You pay your utilities, council tax and TV licence. While you occupy the apartment, the seller pays the service charge. After you complete, you pay the service charge as a normal leaseholder.
Who arranges the mortgage?
Heron Financial is the exclusive mortgage broker for Rent to Buy, so all mortgages for the product are arranged through them.
Does Wayhome give mortgage advice?
No. Wayhome doesn't give mortgage advice. Once you've had a viewing and want to go ahead, we'll introduce you to Heron Financial. If you'd like more information sooner, ask us and we can arrange an earlier introduction. Each lender makes its own decision on your application, so a mortgage isn't guaranteed.
When do I have to complete, and what if I can't?
You must complete as close to the 12-month anniversary of exchange as possible. There is a one-month contingency, so the latest you can complete is 13 months after exchange. If you can't complete by then, for any reason, you risk breaching your contract. That could mean losing your deposit, and you wouldn't receive the seller's incentive.
What amenities do I have access to?
Living at Peninsula Riverfront gives you access to The Upper Riverside Club, a collection of 20 amenities open to residents only. They include a 24-hour concierge, a 25 metre swimming pool, a steam room, multi-use gyms, co-working spaces, roof terraces and entertainment spaces.
Swim before the day starts, read on a roof terrace, or watch a film with friends in the cinema room. You get the facilities of a members' club as part of your home.