Intermediate Rent (IMR)

You rent a home from a housing association. The rent you will pay each month will cost 20% less than the local market rate. You can put the money you save on the rent into savings for a deposit for when you go on to buy with the aspiration of being able to buy the affordable home within 5 years. There are also a small number of products targeted at specific groups – for example, people aged over 60 (Home Ownership for Older People) and those serving in the armed force (Armed Forces Home Ownership Scheme). These specialist options are explained in Other options along with information on past products.

Intermediate Rent (IMR)

This product allows you to take advantage of a government backed reduced rent scheme. The rent is usually around 20% less than you would expect to pay in the private rental sector. There is no obligation to buy the property, however the scheme has been designed to encourage you to save towards a deposit for future purchase. Some landlords may have a process in place to check on the progress of your savings but it is the responsibility of the individual landlords to inform you of any criteria linked to their intermediate rental schemes.  

Intermediate rent offers you the opportunity to rent a brand new or refurbished home, or a home that is being re-let at less than the market rate. The rent charged is normally approximately 20% lower than what you would expect to pay for a similar home in a similar area if you were renting from a private landlord. As well as being more affordable, you have the assurance that your home is built, managed and let by a Registered housing Provider.

Intermediate rent has traditionally only been available to key workers, although this choice is now available to other home seekers who are not high priority for social rent or affordable rent homes (homes usually allocated to those in the most urgent housing need) and who cannot afford to buy a home of their own outright but who would like to save to buy a home in the next five years.

Intermediate rented homes are usually let on an Assured Shorthold Tenancy basis with a 6 month contract period. You may have the opportunity to rent a home for longer than this initial contract period but this will depend on your landlord’s future plans for the home.