One of the most respected figures in British housing has joined one of the growing number of Rent To Buy companies.

Lord Bob Kerslake, the former head of the civil service and a former senior figure in Homes England, has joined Home Now.

This company operates a Rent To Buy scheme to assist first time buyers. 

An individual chooses the ideal home they want from any on the sales market, and the company buys it on that individual’s behalf, paying all associated costs such as stamp duty.

The individual moves in, signing a five year tenancy agreement with a fixed rent for the full period. After five years the individual will receive one third of the increase in value which Home Now says it “hopes” will be used as a contribution towards the individual’s mortgage deposit to buy the home from the company.

Kerslake has become a member of the company’s advisory board; existing members include the former Liberal Democrat party leader Tim Farron MP.

Home Now describes itself as a “social impact investment fund” regulated by the Financial Conduct Authority. 

The Times says it is currently seeking investments from individual and groups, with a possible float on the London Stock Exchange in the offing.