For those currently renting and aiming to buy a home, the Intermediate Market Rent (IMR) scheme offers a great opportunity. With lower-than-market rents, you can save more each month, helping you build up a deposit and take the first step towards homeownership.

What is Intermediate Market Rent?

Intermediate Market Rent is a government- backed scheme designated to help you save money by offering rental properties at a lower rate than the average market price. With reduced monthly payments, you’ll have more room to build up your savings towards a deposit for your first home.

One of the key benefits to renting a home through Intermediate Market Rent is the ability to save at your own pace while living in a high-quality home. All properties under the scheme come with the security of an assured shorthold tenancy, giving you peace of mind for your rental term.

How are rents calculated?

Rental prices will vary depending on the location of the home. Intermediate Rents are set at 20% less than local market rate for a similar property in the area.

Am I eligible for Intermediate Market Rent?

Intermediate Market Rent (IMR) is a great option for renters looking to build towards a deposit for their first home.

To be eligible for in Intermediate Market Rent home, you must:

  • Live or work in the local area of the property
  • Have the right to rent – proven by possession of British/EU/EEA Citizenship or a valid UK residency visa
  • Be able to provide one month’s rent in advance and five weeks’ rent as a tenancy deposit
  • Meet the minimum income and affordability standards – this will depend on the price of the home you are interested in
  • Minimum income requirements should be used as a guide and can vary depending on a household’s circumstances and financial commitments
  • Have a formal tenancy (for example, in the private rented sector) or live in an informal arrangement with family or friends as a result of struggling with housing costs
  • Be able to afford 80% of the local market rent without assistance

To rent an IMR home with us, you must not:

  • Already own a property or be in the process of buying.
  • Be able to afford a similar home through Shared Ownership or on the open market.
  • Have a household income that exceeds £80,000, or £90,000 in London.
  • Have an adverse rental history, for example, rent arrears or damage to a property.
  • Have a history of bankruptcy, defaults which include late payments, county court judgments (CCJs) or Individual Voluntary Agreements (IVAs).