Rent
Shared owners make a payment each month. This amount is made up of rent, buildings insurance, management fee and, in some cases, a service charge.
The rent on New Build HomeBuy is subsidised to make it affordable and is payable via Direct Debit. It makes purchasing a New Build HomeBuy property approximately 30% cheaper than buying outright.
Shared owners make a payment each month. This amount is made up of rent, buildings insurance, management fee and, in some cases, a service charge.
How will my rent change?
You will be advised of your rent and the date it is due at the beginning of your residency. You are required to pay your rent on time. The rent will change yearly and prior notice of any change will be given.
Paying Your Rent
Your rent should be paid by Direct Debits or bank standing orders.
Dealing with Rent Arrears
Your home could be repossessed if you don’t pay your rent. Please contact Mercian immediately if you have difficulties in meeting payments.
Mercian currently operates a Flexible Tenure Scheme for residents at risk of loosing their home due to rent or mortgage arrears. It is a last resort option to enable a shared owner to remain in their own home despite changes in their financial circumstances.
Debt Advice
If you are worried about being unable to pay your debts you must ask for help. Contact Mercian on 0121 322 7373 or for independent advice, call the National Debtline on 0808 808 4000, Monday - Friday, 9am - 9pm, Saturday 9.30 - 1pm or online at www.nationaldebtline.co.uk.