home&living
/2D3@B=@7/:43/BC@3
A NEW
Current
LEASE OF LIFE
Properties
Cazenove, Hackney
Can’t afford to buy but loathe to line a landlord’s
pockets? Intermediate rent might be the solution.
One beds from £694 pcm
Two beds from £902 pcm
Let’s face it, thanks to the ongoing absence you rented the property for a year, you’d save Three beds from £1,075 pcm
of high loan-to-value mortgage products, the £2,082 – that could come in handy to top up Southern Home Ownership www.shho.org.uk
majority of first time buyers are still unable a deposit.
to take advantage of lower house prices. But The properties available are new build and Prince of Wales House, Dover
rather than submit to the mercy of a private built to the same high specification as those
landlord intent on wringing every last penny offered through shared ownership. Renters
out of you, why not try intermediate rent? It usually sign up to an assured shorthold
could actually help you on to the first rung. tenancy of 12 months, with an option to
Offered by housing associations renew at the end of the period. Most housing
throughout the country, Intermediate Market associations permit tenants to rent for as long
Rent (IMR) allows you to rent a new build as they like, provided their eligibility remains
property at 80% (or less) of the local market the same. As Ruth says: “Even though the
rate; the monthly saving could help you to tenancy is for a year, it may be possible to stay
save towards a deposit. in the property longer – we wouldn’t want
Ruth Pimlott, Sales and Lettings Manager to make people homeless!”
at Southern Home Ownership, an IMR If you fall in love with the property, you
provider, comments: “Lots of first time buyers may be given the opportunity to buy a One beds from £323 pcm
80
are having problems obtaining mortgages share in it (through shared ownership), at Two beds from £364 pcm
at the moment, so we’re seeing an influx of the discretion of the housing association. Southern Home Ownership www.shho.org.uk
renters who want to buy, but can’t because Unlike Rent to HomeBuy, where you
of a lack of mortgage products.” rent a property with a specific intent to Pixmore Avenue,
The eligibility criteria is similar to that of purchase it at a later date, intermediate rent Letchworth Garden City
other government-funded schemes. In order is more flexible. “We still aim to give you the One bed £420 per calendar month
to qualify you should have a household opportunity to buy the property you’ve Two bed £500 per calendar month
income of no more than £60,000 and be been renting, but neither party is contractually North Hertfordshire Homes www.nhh.org.uk
unable to buy on the open market, but earn obliged to do so,” explains Ruth.
too much or have too many savings to qualify Intermediate renting is ideal if you know
for social rent. (Some housing associations still that, in the long run, you want to buy a
restrict eligibility to key workers, so it’s worth period property, or that you want to buy
checking with your local HomeBuy provider.) in a different area. You’re not tied in to your
A one bedroom flat at SHO’s Cazenove intermediate rental property, but you still get
development in London’s trendy Stoke to save while you’re there.
Newington would set you back from £694
a month; if you were to rent the equivalent
property on the open market you’d pay To find out who your local HomeBuy provider is,
£867.50, that’s £173.50 more each month. If visit www.direct.gov.uk
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