Your guide to intermediate rent

How the scheme works

Intermediate Market Rent (IMR) offers new build homes at a discounted rent. Homes are available from Futures Housing Group on an assured shorthold tenancy*, usually for an initial period of six months.

IMR homes are let via our commercial lettings business Limehouse, although your tenancyagreement will be in the name of Futures. IMR homes are usually let on an assured short hold tenancy basis with a minimum si xmonth contract period and up to a maximum of five years.

To qualify for IMR, eligibility and affordability assessments are carried out.

An assured shorthold tenancy (AST) is the most common type of tenancy if you rent from a private landlord or letting agent.
For more information, visit https://www.gov.uk/tenancy-agreements-a-guide-for-landlords/tenancy-types

Am I eligible for IMR?

Applicants must meet the criteria set for eligibility, which is assessed by your local Homebuy Agent.
• You must be registered with a local Homebuy Agent
• Your total household income must not exceed £80,000
• You are unable to afford to buy a suitable property on the open market without assistance
• You can afford to pay your rent without assistance e.g. housing benefit
• You cannot be an existing homeowner
• You have less than £15,000 savings

What would prevent qualification?

• Household income above £80,000
• Rent arrears during past 12 months or in breach of current tenancy agreements
• Temporary work contract with less than six months remaining
• Adverse credit history
• You have your name on a mortgage
• You have fewer than six months to remain in this country
• You require housing benefit to pay the rent
• Savings of more than £15,000

Allocation criteria

Where two or more applicants are
interested in the same property, we will
consider the following:
• Serving members of the British Armed Forces, and those honourably
discharged in the last two years.
• Surviving partners of regular service personnel who have died in service
and have applied within two years of the bereavement are also considered a priority
• Existing social housing tenants
• Other local priorities agreed with the local authority (this is normally applicants who live or work in the borough or have a local connection).

How to apply

1. Register with local Homebuy agent
2. Check our website (www.limehouselife. co.uk) for available properties
3.We will carry out an affordability assessment with you
4.If you pass the affordability assessment you will be invited to view the property during office hours (ID will be required)
5.Prior to viewing, an application form will be emailed for completion and to be brought to the viewing, including a copy of most recent credit report.

Application Process

The property will be provisionally offered based on the information provided within your application form.
The following supporting documentation for full assessment and credit referencing (link will be emailed to you to complete and requires completing within 24 hours):
• Proof of identification (e.g. driving licence or passport)
• Proof of address (e.g. copy of most recent utility bill (not mobile phone bill) / HMRC letter / Council tax letter
• Proof of earnings (e.g. three month’s payslips/self-employed three years
SA302 tax returns)
• Proof of landlord (tenancy agreement/ signed letter from landlord or friends/ family you reside with)
• Proof of savings – please provide three months statements for all bank
accounts held in your name
• Proof of financial commitments (e.g. loan agreements/hire purchase
agreement/maintenance payments)
Your application will be assessed in full to ensure the initial information can be proven. We will ensure you still meet affordability criteria based on your proven income and outgoings.
Once your application is approved you will be required to pay a deposit equivalent to one month’s rent (including service charge) and one month’s rent in advance.

Rent increases

The rent payable under IMR must not exceed eighty per cent of the local market rent. It will be for your landlord to determine what the local market rents are.

Rent and service charges are collected monthly by direct debit on the first day of every month.

Rents will be reviewed annually to determine market rent value of which up to a 20% discount will be applied.

The Affordable Housing Capital Funding Guide recommends that any rent increases in excess of the Consumer Prices Index (CPI) plus 0.5 per cent should be both affordable and fair to IMR tenants. Rents must remain
at less than 80 per cent of the market rent throughout the tenancy.

Advance rent and deposit

We will request the first month’s rent in advance when the tenancy agreement is signed plus a returnable deposit of a further month’s rent against breakages/damage. Your deposit will be securely held in a Deposit Protection Scheme.

Repairs

As your landlord we will provide a comprehensive and responsive repairs service although you are responsible for minor repairs such as replacing tap washers .

Service Charges

to cover either fixed or variable service charges.
The rent charged to tenants should not exceed eighty per cent of the market rent with service charges included.

• You will be responsible for the household bills such as water, electricity, gas and council tax
• IMR properties are not available to purchase
• Pets are not permitted in any of our IMR properties
• You will be responsible for the household bills such as water, electricity, gas and council tax
• IMR properties are not available to purchase
• Pets are not permitted in any of our IMR properties

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