Coventry Residents Get a Step Closer to Owning a Home with Intermediate Rent
West Midlands based Mercian Housing Association is providing an answer to those who are struggling to get a mortgage or afford to rent privately in the current economic climate, through introducing ‘intermediate rent’.
With mortgage lending levels at a 34 year low and private renting often being pricey, intermediate rent is one solution for Coventry residents. Intermediate rent allows applicants to rent a new property at 20% lower than what you would expect to pay on the open market through a private landlord.
Mr Britain Sibanda, 29, has recently moved into an apartment at Mercian’s Fremington Court scheme in Coventry and says of intermediate rent, “It’s a really good initiative and makes it easier to find a place to rent during the credit crunch.”
Britain moved into a two-bedroom apartment after the scheme was recommended to him by friend who also lives at Fremington Court. Previously living in private rented accommodation, Britain wanted to move somewhere cheaper and closer to Coventry town centre so that he could get to work more easily.
Fremington Court provided him with the ideal solution, “I now pay less rent, which is great considering the current economic climate. The scheme is also so close to town that I can now walk to work, which is a real bonus!” he said.
A Sales & Marketing Officer from Mercian helped Britain with the application process, ensuring that all documents were presented to make sure that he met the criteria required for intermediate rent, which requires applicants to be employed with sufficient income for affordability.
Britain commented, “The background checks were thorough and ensure that I can afford to pay my rent without getting myself into financial difficulties”.
Mercian is offering intermediate rent at Fremington Court, Upper York Street, Coventry and at Bradestone Heath, Nuneaton.
Mercian Housing leads the way as a provider of affordable housing options in the West Midlands and is dedicated to creating choices for people whose options in the housing market are limited and helping first time buyers get on the property ladder.
Anyone who would like more information about intermediate rent, please call Mercian’s Sales & Marketing team on 0121 322 7400 or email sales@mercian.org.uk.
-ENDS-
Press Enquiries please contact Vicky Jones on 0121 322 7391 or email vjones@mercian.org.uk
More about Intermediate Rent
Intermediate Rent schemes allow you to rent a property from a Registered Social Landlord (usually a Housing Association) at a subsidised rent. With these schemes, rent will be less than you would pay if you rented from a private landlord on the open market (usually around 80% of the market rent) but more than you would pay as a social tenant of a local authority or a housing association. Generally you may qualify if you do not own a property already, would be unable to buy a property suitable for your needs on the open market and can show that you have a genuine need for a reduced rent. Some schemes may have additional eligibility criteria specific to them.