Intermediate Market Renting
What is Intermediate Rent?
Our Intermediate Rent Scheme offers people the chance to rent a new home at less than the market rate. The rent is charged at 20% lower than you would expect to pay for a similar home in a similar area if you were renting from a private landlord.
Intermediate Rent is provided for people who are not usually eligible for a social rented home and are not yet ready or able to commit to buying a home or who have difficulty securing a mortgage.
The property will be let on an Assured Shorthold Tenancy with a six-month contract period. This will be reviewed every six months to assess any changes in the applicant’s financial situation.
Do I Qualify?
Intermediate Rent is intended for people who want to buy their home but cannot currently do so. The property will be let on the understanding that you would proceed with purchasing the property. To qualify for an Intermediate Rent
home you must:
- Not currently own a property
- Be unable to buy or part-buy a suitable property on the open market
- Have a household income of no more than £60,000 per annum
- Be in employment for at least 16 hours a week and earning an income that allows you to pay the rent and related costs for the property
- Not currently be a tenant of Derwentside Homes or other Housing Association
If you change your mind and decide not to purchase the property we will try to assist you in finding alternate rented accommodation if required.
Applying
You will be invited to viewings of suitable properties and will be provided with key information. If you decide to apply for a tenancy you will be asked to complete an application form and return it as soon as possible.
You will then be considered along with other interested parties, if we have received more than one application for
the home you are interested in.
Deposits & Charges
Applicants are required to pay one months rent in advance and one months rent as a bond. The bond is held by a Deposit Protection Service, an independent third party.
A reservation fee of £50 per applicant will be required to cover the cost of credit checks and references.
| The information on these pages is available in print or to download in our Intermediate Market Rental Leaflet. |  |
