Intermediate Market Rent (IMR) offers the benefit of a 20% discount on the full market rate for new build and existing homes. This was previoulsy only available to Key Workers but is now available to applicants who are not eligible for Social Housing or cannot afford to buy.
IMR is offered on a six-month assured short hold tenancy basis, that becomes periodic after a six-month review.
If you wish to apply for IMR you will be required to register and have an assessment with the local Help to Buy Agent for applicants in Kent and the South East or with Hyde for applicants in London.
Hyde New Homes Intermediate Market rent is designed to help potential first time buyers who cannot yet afford to buy a home, but want the chance to save for a deposit to purchase a home within the next 5 years.
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 charged is normally approximately 20% lower than what you would expect to pay for a similar home in a similar area if you were renting from a private landlord.
As well as being more affordable, you have the assurance that your home is built, managed and let by a registered housing provider.
Homes are available to rent on an assured short hold tenancy, initially for six months then subject to satisfactory occupancy. This is reviewed regularly.
Who is eligible?
Households with a total income of less than:
£71,000 for a 1 & 2 bedroom in London
£85,000 for a 3 bedroom in London
£60,000 for a 1, 2 or 3 bedroom out of London
Applicants must be able to afford 80 per cent of the local market rent
Applicants will undergo a credit check and landlord referencing
Applicants will need to be registered with Hyde new homes for all homes within London boroughs and relevant home buy agent for homes outside of London
You are unable to purchase a suitable home to meet your housing needs on the open market
You do not already own a home or you will have sold your current home before you purchase or rent
Scheme is open to working households
To find out more about Intermediate market rent, call the Hyde New Homes rentals team on 0845 606 1221 option 2 or email email@example.com.