Intermediate Rent
Intermediate Rent refers to a discounted rent, 20% lower than the open market rent, allowing applicants to save for a deposit and purchase their home at a later date through the New Build HomeBuy Scheme.
The applicant must demonstrate their ability to purchase at a later date, before they can be allocated a property. A full financial assessment will be carried out by Rosa to ensure the Intermediate Rent tenant is eligible for HomeBuy.
The Intermediate Rent scheme allows individuals the opportunity and time to save towards a deposit and the costs of purchasing by offering them a discount of 20% on the open market rent. Rosa will give each tenant the option to purchase their property (or a share of the property) dependent on the scheme.
The procedure for assessing an Intermediate Rent applicant is similar to the assessment used in the case of Nwe Build Homebuy and each applicant must be able to demonstrate their eligibility to purchase.
Intermediate Rent allows applicants to become tenants of a brand new/refurbished property through Rosa on an Assured Shorthold Tenancy.
Intermediate Rent refers to a discounted rent, 20% lower than the open market rent, allowing applicants to save for a deposit and purchase their home at a later date through the New Build HomeBuy Scheme.
The applicant must demonstrate their ability to purchase at a later date, before they can be allocated a property. A full financial assessment will be carried out by Rosa to ensure the Intermediate Rent tenant is eligible for HomeBuy.
Intermediate Rent is intended for individuals who do not qualify for social rent homes and cannot afford to buy a home of their own outright. Rent before you buy is the ideal scheme for those who aspire to own their own property but it may not be financially viable to purchase straight away. The scheme is funded by the Homes and Communities Agency and all Intermediate Rent properties are available for sale.
The Intermediate Rent scheme allows individuals the opportunity and time to save towards a deposit and the costs of purchasing by offering them a discount of 20% on the open market rent. Rosa will give each tenant the option to purchase their property (or a share of the property) dependent on the scheme.
Intermediate Rent is intended for people who are unable to purchase New Build HomeBuy, but aspire to purchase in the near future. Rosa reviews the condition of the housing market regularly and periodically offers the sitting tenant the opportunity to purchase on a shared ownership basis.
The procedure for assessing an Intermediate Rent applicant is similar to the assessment used in the case of Nwe Build Homebuy and each applicant must be able to demonstrate their eligibility to purchase.
Applicants are assessed by the Local HomeBuy Agent using the following eligibility criteria:
- The applicant must be able to afford to buy a suitable property on the open market without assistance
- Applicants must be able to afford 80% 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.
In addition to each applicant being assessed by the Local HomeBuy Agent, Rosa Homes also make a financial assessment and require the following supporting documents:
- Wage slips / accounts
- ID / Proof of address
- Bank Statements