Mercian Offers an Alternative Path onto the Property Ladder
Mercian Housing Association, in conjunction with our development subsidiary Zenith and Wates Living Space - one of the UK’s leading affordable housing contractors - recently officially opened St Cuthbert’s Place, Castle Vale, a development of 27, two bedroom apartments for intermediate rent.
Intermediate is an innovative scheme which provides an ideal solution for those struggling to get a mortgage or rent privately, but would eventually like to buy their own home. Intermediate rent is charged at 20% lower than what you would expect to pay to a private landlord, which gives residents the opportunity to save money to buy a home in the future.
Katie Walters, 24, is an intermediate rent resident at St Cuthbert’s Place. She said of the scheme, “I live here at St Cuthbert’s with my partner and seven month old baby. We were originally looking to privately rent a property when we heard about the intermediate rent option. It’s been great for us as the rent is lower, enabling us to consider buying our own property in a couple of years, when I’ve finished university. I would recommend intermediate rent for those looking for an alternative path to get onto the property ladder”.
Proprieties are available for intermediate rent at the following Mercian developments:
St Cuthbert’s Place, Castle Vale, Birmingham; Fremington Court and The Butts, Coventry
and Bradestone Heath, Nuneaton.
To qualify for the intermediate rent scheme applicants must meet a minimum household income and have the financial means to purchase within a three year period. To see if you qualify or for more information about intermediate rent call Mercian’s sales team on 0121 322 7400 or email sales@mercian.org.uk.
Whilst working at St Cuthbert’s Place, the site team from Wates Living Space engaged heavily with the local community, working with the local technology school to bring ten, BTEC in the Built Environment students to site once a week to gain on site experience in their chosen trade.
Through investing in communities, Mercian are committed to offering affordable home ownership options and helping to build a sense of pride in homes and neighbourhoods.
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Press Enquiries please contact Vicky Marshall on 0121 322 7391 or email vmarshall@mercian.org.uk.