Please click on one of our developments in the left hand menu for details of availability.
What is Rent Now Buy Later?
Rent Now Buy Later is also known as intermediate market rent or discounted market rent. The customer pays around 80% of the local market rent for the property. Rent Now Buy Later is only provided by registered housing associations and as a result the rents of our IMR properties should be less than that of other similar properties on the market, which is dependant upon property type and location.
The aim of the scheme is to provide eligible applicants with the opportunity to rent a designated property ‘below the current market rate’ and then save the 20% discounted premium for a deposit to purchase the property in the future under the shared ownership scheme (New Build Homebuy).
The tenancy is let subject to an Assured Shorthold Tenancy Agreement. This is a tenancy agreement for a term of 6 months and then on a rolling contract thereafter.
What are the benefits?
Opportunity to save towards a mortgage deposit
Our new Rent Now, Buy Later scheme offers customers the chance to save towards a deposit using the 20% discount from the market rent, on many of our schemes we can also offer 6 months of the basic rent paid back towards a deposit after 12 months if you choose to purchase your property.
Who can apply?
Rent Now Buy Later is especially targeted towards key workers, or people who are economically active and aspire to own their own home. The prospective applicant is assessed by the Sales Team adopting the Shared Ownership eligibility criteria. Please note all applications will also be subject to an external reference check.
The maximum income threshold for households is £60,000.
Potential Eligible Applicants will be in full-time employment eg:-
- Key worker eg Police, NHS, Fire Service, Teacher e.t.c
- Professional People eg office workers, shop workers
- Trades people eg joiners, bricklayers, plumbers
- An applicant must have at least 55% of their net income remaining after the rent, any child maintenance payments and any HP/credit payments have been deducted.
Potentially ineligible applicants are:
- Solely Housing Benefit Dependant
- No Students (apart from Market Rent)
- An applicant who has an excessive income e.g able to afford to purchase an apartment outright.
- Short term lets e.g less than 6 months
- Over occupants e.g 3 people in a 1 bed apartment.
- Has an excessive credit commitment, which means they fail the affordability check, e.g. car loan or bank loan
Where is Rent Now Buy Later available?
IVHA offer Rent Now Buy Later at 4 developments in Greater Manchester:
Please click on the links above for details of the developments and availability.
We also have a North Manchester Empty Homes initiative scheme in conjunction with Manchester City Council in which we can offer houses the area on an intermediate market rent basis. Please give us a call for the lastest vancancies.
To download a Rent Now Buy Later application form please
click here and to read the application guidelines please
click here alternatively please call the office on 0161 610 4501 and we can send you one out.
Please return all applications to:
Sales & Leasehold Team
Irwell Valley Housing Association
5th Floor Paragon House
48 Seymour Grove
Old Trafford
M16 0LN
Applicants for Rent Now Buy Later must also be registered with and approved by
Plumlife (the North West Home Buy Agency)