Rent To Buy (Intermediate Market Rent)

The Rent to Buy scheme (also known as Intermediate Market Rent) is for applicants who wish to buy a property but are currently unable to obtain a mortgage. The rent is 20% less than it would normally be on the open market. This is to encourage you to put the money saved towards a mortgage deposit.

The property would be let to you on an Assured Shorthold Tenancy agreement.  This is the standard tenancy agreement which is used by private landlords.  The initial period is for six months and it would be reviewed at regular intervals thereafter.  If, after the initial six month period you wished to leave the property, you would be required to give one months notice. 

The property would be rented to you on the understanding that you would proceed with purchasing the property as soon as you were in a position to do so, either on a shared ownership or outright sale basis.  The open market value would be assessed by an independent valuer at the time of purchase.

 

The following developments are part of this scheme:

Darlington Area

Development	Developer	Location
The Pastures	Endeavour Housing	Darlington

Durham Area

Development	Developer	Location
The Lanes	Tees Valley Housing	Newton Aycliffe

Middlesbrough Area

Development	Developer	Location
Hemlington	Erimus Housing	Middlesbrough
Southwell Court	Erimus Housing	Middlesbrough
St Cuthberts Court	Endeavour Housing	Middlesbrough
St Pauls - Newport	Erimus Housing	Middlesbrough
Trinity Gardens	Tees Valley Housing	Middlesbrough