Intermediate market rent

The rent charged is normally 20 per cent lower than what you would expect to pay for a similar home in a similar area if you were renting from a private landlord. Plus you have the assurance that your home is built, managed and let by a Registered Social Landlord (RSL).

This option has traditionally only been available to key workers, but is now available to other home seekers who do not qualify for social rent homes.

Eligibility

Eligibility terms are:

• Households with a total income of less than £60,000 a year who cannot afford to buy a suitable home on the open market without assistance.
• Applicants must be able to afford 80 per cent of the local market rent without further assistance e.g. Housing benefit.
• Applicants should make a commitment to enter home ownership through low cost home ownership products in the short to medium term (within five years) and be able to demonstrate how the discounted rent will enable them to save a deposit. You will be required to complete a financial assessment with your prospective landlord (housing association).
• Applicants must be registered with First Steps London.

Intermediate rent is a great housing option for people who are not ready to commit to buying a home straight away or who have difficulty securing a mortgage at the moment.

Intermediate rent homes are usually let on an Assured Shorthold Tenancy basis with a 12 month contract period.

More information

For more information on intermediate market rent contact our Market Rent Team on 020 8357 4647 or privaterent@nhhg.org.uk.