Intermediate market rent

Intermediate market rent is aimed at households who earn £60,000 or less a year. The rents we charge are normally 20% less than the private sector.

The scheme is only available to households registered with local HomeBuy agents  and who make a commitment to enter into affordable home ownership in the short to medium term (that is, 5 years). Under the terms of the scheme, there is no obligation to buy the property you are renting. Applicants must be economically active and want to use the subsidised rent to save a deposit to get on the housing ladder.

We have over 400 intermediate market rent properties in and around the West Midlands, made up of both purpose built long term and temporary short term tenures. The difference between long
and short term IMR tenures is your opportunity to access homeownership.

Purpose built long term will never be available for sale. However any residents having future home owning aspirations can discuss their options of transferring into homeownership with WM Housing Group.

How to apply

To qualify you must:

  • be aged 18 or over
  • not own a property
  • not be in arrears with your rent or in breach of your tenancy
  • not have an annual household income exceeding £60,000
  • have 45% of your net income available following monthly rent and loan deductions**
  • not been declared bankrupt, have any County Court Judgements or defaulted on a loan
  • in permanent employment or on a fixed term contract of more than 6 months
  • not have debits in excess of £15,000 up to £20,000 for student loans have a credit score of fair or above. If below fair,  we require a copy of your full credit report in order to fully understand your credit history to allow us to make a fair, informed judgement.

An assessment of your affordability will be carried out. The calculations will be based on the information that you provide, as this will determine whether or not your income is sufficient to meet the monthly rent and service charge payments required. For instance rent and long term commitments (loans) should not exceed 45% of net income. This calculation is made using the  Governments affordability calculator.

To progress an application for an IMR property you will need to:

If your application for IMR is agreed by Orbit then you will need to wait until a suitable IMR property becomes available. Once this happens you will be asked by our preferred Letting Agent Pennycuick Collins to check affordability and they will carry out a credit score as part of the eligibility criteria.

The Letting Agent will request the following documents:

  • copies of 3 months most recent bank statements for each applicant
  • copies of 3 months most recent pay slips for each applicant
  • copies of photo ID for each applicant
  • a credit score for each applicant illustrates your actual scoring of ‘very good’, ‘fair’ and so on.

A contractual periodic assured short hold tenancy (AST) will be issued. The tenancy will be initially for 6 months. If you breech your tenancy conditions or do not pay your rent in advance then a section 21 will be issued and we will take action to end your tenancy.

You can have a joint or sole tenancy but you cannot then assign the tenancy. In certain circumstances the Association will arrange for a new tenancy to be signed. You will not be eligible to transfer to other stock or mutual exchange.

You cannot sublet the property.

There may be certain restrictions such as no pets or laminate flooring and this should be confirmed prior to signing.

At the time of signing your AST you will need to pay a month’s rent in advance and a deposit will be taken.

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