TheRent-to-Own (RTO) programme was designed to facilitate people who, given their current financial situation, are unable to qualify for mortgage financing. This programme is based on the premise that once a person’s financial qualification is within one hundred thousand dollars ($100,000) of the cost of the allocated unit and he/she is less than thirty-five (35) years of age, he/she will be eligible for the RTO programme. Subsequently, the client would then pay a Rent-to-Own fee for five years initially; of which two thirds is applied as a deposit toward the cost of the unit at the end of the period and the remaining one third is retained by the Housing Development Corporation (HDC) as an administrative fee.

The RTO programme thereby allows for the difference to be paid within the stipulated period after which the client would be re-assessed. If the client is still unable to qualify at the end of the five-year period, the Rent-to-Own agreement could be extended for a further three years at the discretion of the Corporation. Persons who are unable to qualify at the end of the extended period would then be converted to a rental arrangement and their payments applied as such. If the person is able to qualify at the end of the RTO period, he/she will be processed for a mortgage by the TTMF or another financial lending agency.

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