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.
20th March 2017
Saturday 18th March saw over 4,400 attendees to London’s No.1 event for first time buyers, the London Home Show Spring 2017.
With 47 exhibitors under one roof, the event offered attendees the opportunity to speak to the biggest names in the first time buyer sector, including housing providers, financial advisors, legal experts and more. Attendees could register their interest in the properties and services on offer from exhibitors, and thousands of leads were generated over the course of the day.
15th March 2017
This guest blog comes from Southern Home Ownership, sponsors of the London Home Show Spring 2017.
Southern Home Ownership is part of Southern Housing Group; one of southern England's largest housing associations, with a growing portfolio of over 26,000 homes across London and the South East. We’ve been helping buyers onto the property ladder for over 30 years, making home ownership a reality for more than 4000 households.
15th March 2017
Our latest guest blog comes from L&Q, sponsors of the London Home Show Spring 2017. The blog, by L&Q Regional Sales Director, Lucy Chitty, looks at L&Q's new Shared Ownership awareness campaign, PricedIn Living.
9th March 2017
Today's guest blog is from Tim Seward Head of Property Sales at London Home Show Spring 2017 at Latimer:
First-time buyers struggling to raise enough cash for a deposit to buy a home of their own are increasingly turning to alternative ways of achieving the dream of home ownership.
Although shared ownership is by no means a new initiative – in fact it has been around since the early 1980s - it’s becoming more mainstream and an accepted part of the UK housing market. A recent report showed that the number of shared ownership purchases has risen by more than 130 per cent in six years.