Posted 13 September 2015 by Keith Osborne
Intermediate rent (sometimes referred to as IMR) is a government scheme which helps people committed to buying a new home to reach a position where they can afford to purchase, by providing homes that they can rent for 20% less than market value.
To be eligible, applicants must have a maximum gross household income of no more than £66,000 per year to rent a one- or two-bedroom home, or no more than £80,000 per year for a home with three or more bedrooms. Applicants must be able to afford 80% of the local market rent without further assistance eg from housing benefit.
Applicants must also make a commitment to enter homeownership through low-cost home ownership schemes (such as shared ownership) within five years.
You may be required to complete a financial assessment with your prospective landlord (a housing association), including a credit check, and submit landlord references.