Intermediate Market Rent
What it is
Intermediate Market Rent is a scheme in which newly built homes are rented for around 80 percent of the recommended market value of the property.
How it works
New build properties are provided by various housing associations on the basis of an assured shorthold tenancy, normally for a starting period of six months.
Options after buying through Intermediate Market Rent
The vast majority of housing associations that provide homes with this option also provide the opportunity to purchase shares in the property through the New BuildHomeBuy scheme. Other housing associations may use the Rent to HomeBuy option asking customers to agree to purchase the property after a pre-defined rental period.
It is advisable to visit the local HomeBuy Agent’s webpage for specific information on the options available in certain areas.
Who qualifies for the Intermediate Market Rent Scheme?
- Any applicants that meet the requirements for key workers
- Applicants that are homeowners must have sold their current property before they qualify for the Intermediate Rent scheme.
- Applicants who do not have indefinite leave to stay in the UK but have at least 6 months leave verified by stamp in their passport.
- Applicants who have an offer of employment within three months of their application in a qualifying key worker profession.
- If the applicant works as one of the following
- NHS clinical staff
- Police community support officers
- Trainee probation officers
- Ministry of Defence Employed on a Full Time Reserve Service Personnel basis
- All trainee key workers