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17 December 2008
Intermediate Rent - An alternative to Home Ownership
As a result of the changes in the housing market Hightown Homes has recognised that there are currently less people looking to move into home ownership. As a result it has switched a number of apartments, which had been going to be sold on shared ownership terms, to intermediate rent .
The rents under the intermediate rent scheme are lower than normal rent levels. To qualify for the scheme applicants will need to have a household income between £22,500 and £44,000 per annum. The Association has already let one flat to a Key Worker who was originally looking to buy on shared ownership terms.
The intermediate rent scheme provides an ideal opportunity for people who had been thinking of moving into home ownership but are now looking to delay that decision. The competitive levels of rent will give people a better opportunity to build up a deposit for when they do decide to move into home ownership.
At the Centaurus Square development in Frogmore a number of the intermediate rent apartments are specifically reserved for applicants who are living or working in the St Albans District Council area, while some of the others have been set aside for Key Workers.
For more details, click here to be redirected to our HPCHA website.
To speak to somebody, call the Home Ownership team on 01442 292343. Email home.ownership@hpcha.org.uk
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