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 five years.
It gives you the opportunity to rent a home that is being 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. If you wish to apply for Intermediate market rent you will be required to register and have an assessment with the local Help to Buy Agent.
To be eligible for an intermediate rental home you must:
Be working with means to cover the rent without assistance
Not be a property owner
Pass our referencing; including credit check, affordability, previous landlord and right to rent.
Have an overall household income below £90,000 if applying for a property in London or £80,000 if applying for a property outside of London
Other typical requirements may include:
You may be required to currently live or work in the area in which you are applying to rent (varies from scheme to scheme)