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 November 2017
Is saving for a deposit holding you back from moving in to your own home? Saving money can be hard, but with these ten money saving apps available at your fingertips, you’ll soon discover how to put away the pennies and you’ll be ready to move in no time.
20th September 2017
Shared Ownership Week returns for its fifth year, 21st - 27th September. Shared Ownership week raises awareness this home ownership scheme which offers a life line to thousands of first time buyers.
19th September 2017
Countdown to the London Home Show Autumn 2017: Our sponsor Crest Nicholson give you the low down on their fantastic development Dylon Works, available via Help to Buy London.
18th September 2017
Countdown to the London Home Show Autumn 2017: Hear Marco and Olga's story about buying their first home for their young family with Notting Hill Sales.