About Rental Options (Intermediate Rent & Rent to Save)
Intermediate rent offers you the opportunity to rent a brand new or refurbished home, or a home that is being re-let at less than the market rate. The rent is subsidised, normally at approximately 20% lower than what you would expect to pay for a similar home in a similar area if you were renting on the private market. As well as being more affordable, you have the assurance that your home is built, managed and let by a Registered housing Provider.
Intermediate rent is designed to give people a chance to use the saving made on the subsidised rent to save for a deposit to purchase a home within the next five years.
Intermediate rented homes are usually let on an Assured Shorthold Tenancy basis with a 6 month contract period. You may have the opportunity to rent a home for longer than this initial contract period but this will depend on your landlord’s future plans for the home.
With Rent to Save you have the opportunity to rent a newly built home on an Intermediate Rent basis. This allows you to rent a home at a rate which is subsidised at approximately 20% lower than you would expect to pay for a similar home on the open market. You can do this for up to five years with the option to buy the home through Shared Ownership when you are ready to buy in the longer term.
If you rent a home through Rent to Save, you can make an offer to buy the home on Shared Ownership terms when you can afford to; this can be done at anytime during the tenancy provided. When you decide to buy, your housing provider will assess what share of the property can be bought, based on an independent financial assessment of what you can afford. Terms and incentives may vary by development.
Usually you will need to pay one month's rent in advance and also a security deposit. The deposit may be returned to you at the end of your tenancy as long as there are no rental arrears and the property is undamaged.
31st December 2016
For those looking for Shared Ownership homes in the south of England, we've had more recent additions which may be of interest.
Click the following link to read on and see these new Shared Ownership houses and apartments which were added to our website in late December. Read on
Click here to begin your search for a shared ownership property in any area.
5th December 2016
While you are looking for a suitable property and going to viewings, there is one task that you can sensibly start, so that when you have been offered a property, your mortgage application is not delayed. All mortgage applications will require that you provide documents as part of the process so start getting your documentation ready.
7th November 2016
We've teamed up with WhatHouse? to bring you Your Guide to Shared Ownership. Inside you’ll find all you need to know about the scheme: whether you are eligible, the process of finding and purchasing a Shared Ownership property, the pros and cons of Shared Ownership and much, much more.
20th October 2016
Read our latest blog from our Mortgage Expert Stephen Dwelley. In this blog Stephen answers the frequenlty asked questions from first time buyers trying understand how much they can borrow for a mortgage and what is affordable.