Rent to Own 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 Own?
Rent to Own lets you agree the price of a riverside apartment close to The O2 up front and live in it for 12 months before you buy it. You exchange contracts with a 5% deposit and move in straight away. At completion we add a further 5% as an incentive, doubling your deposit to 10%, and you buy the apartment with a 90% mortgage (subject to approval).
How does it work?
After you've viewed an apartment and agreed a price, you sign the contract and pay a 5% deposit. Then you move in.
While you live there, you pay a fixed monthly payment, priced like a typical rent. It's worked out by taking 5% of the purchase price and dividing it by 12, so on a £600,000 apartment it's £2,500 a month. It isn't a mortgage repayment.
You complete the purchase 12 months later. When you do we doubles your deposit with a 5% incentive, taking it from 5% to 10%, and you buy the apartment with a 90% mortgage (subject to approval). This is arranged through Heron Financial, the exclusive mortgage broker for Rent to Own.
Why buy in Greenwich Peninsula?
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 minutes and Bond Street in 17 minutes.
Peninsula Riverfront, where you can buy an apartment through Rent to Own, is a riverside building in the Upper Riverside neighbourhood, designed by SOM, the architects behind the Burj Khalifa and One World Trade Center. Most apartments have river views and look out over London.
The Upper Riverside Club
Buying an apartment in Peninsula Riverfront gives you automatic membership of The Upper Riverside Club, with exclusive access to 20 private amenities including multiple gym rooms and a swimming pool looking over the O2.
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What happens next?
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 Own.
Find a home
There are a range of apartments available from Studios through to 1, 2 and 3 bedroom apartments. Most 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.
Talk to the mortgage broker
Once you've had a viewing and want to go ahead, we'll introduce you to Heron Financial, the exclusive mortgage broker for Rent to Own. They'll take you through the affordability checks and your mortgage options (subject to approval).
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 move in straight away, living there whilst making your 12 monthly payments.
12 months on, you own it!
After 12 months you would get a 5% incentive from us 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?
Initially you pay a £2,500 reservation fee, followed by a 5% deposit when you're ready to exchange contracts and move forward (your £2,500 reservation fee is taken off the 5% deposit, so the 5% is the total upfront cost). You also pay your own solicitor's fees and other costs associated with buying the home. After 12 months when you're ready to complete the purchase, you also pay Stamp Duty Land Tax (SDLT). These costs depend on the price of the apartment and your circumstances, but you will qualify for First Time Buyer's relief if it is available to you.
How is my monthly payment calculated?
It's calculated as 5% of the purchase price, divided by 12: for example, on a £600,000 apartment the monthly payment is just £2,500.
What is the monthly payment, and do I get it back?
It's a fixed monthly payment for living in the apartment, priced like a typical rent. It isn't a mortgage repayment. The monthly payment works out at 5% of the value of the home over the year, but when you complete the purchase, we double your deposit with a 5% incentive, taking it from 5% to 10% of the price.
What do I pay for while I'm living there?
You pay your utilities, council tax and TV licence. While you occupy the apartment, we pay 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 Own, so all mortgages for the product are arranged through them. They have relationships with major high-street lenders who support Rent to Own.
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 the purchase, and what if I can't?
You need to complete the purchase 12 months after you sign the contract, or as close to that as possible. There's a one month buffer, so the latest date is 13 months after you sign. If you can't complete by then, for any reason, you could lose your deposit, and you wouldn't receive the 5% 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.