Circle Housing Mercian (Mercian)

Transcription

1 Circle Housing Mercian (Mercian) Intermediate Rent Scheme Overview The Intermediate Market Rent Scheme (IMR) forms part of the Government s affordable housing programme. Monthly rent is normally 20% lower than a similar property rented privately. The scheme is only available to households registered with Local HomeBuy Agents who make a commitment to enter into affordable home ownership in the short to medium term (i.e., five years). Applicants must be economically active and want to utilise the subsidised rent to save a deposit to get on the housing ladder. In the past the scheme was only available to key workers (vital public-sector employees such as NHS nurses and doctors, police officers and teachers in state schools). Due to the change in the economic climate, it has now been made available to other people who cannot afford to buy a home of their own. The IMR Scheme is a great option for people who: are not ready to commit to buying a home are having difficulty getting a mortgage cannot save up a deposit to buy a home through the affordable home-ownership schemes Under the terms of the scheme, applicants do not have an obligation to purchase the property they are renting. Ineligible for the Scheme People who fall into any of the following categories will not qualify for the scheme: currently owns a property in the UK or abroad; in receipt of Housing Benefit; full time student(s); holder of an immigrant visa stating No Recourse to Public Funds not willing to make a commitment to enter home ownership in the UK through low cost home ownership products in the short to medium term (three to five years); To apply for a property under the IMR scheme all applicants must first be registered with the Local Help To Buy Agent (Orbit Help To Buy) to confirm broad brush eligibility for the Home Ownership Products

2 Qualifying Criteria Aged 18 or over; Does not currently own a property in the UK or abroad; Household income of less than 60,000 per annum; Employed on a permanent contract or self-employed and earning enough to pay the rent and related costs for the property; UK Resident or have Indefinite Leave to Remain; Unable to afford a suitable home through one of the low-cost home-ownership schemes or on the open market; Can afford 80% of the local market rent without further assistance e.g. Housing Benefit; Willing to make a commitment to enter home ownership through low cost home ownership products in the short to medium term (within five years); Can demonstrate how the discounted rent will enable you to save towards a deposit; Where applicable, have paid rent on time for the last twelve months; Good credit history with no record of County Court Judgements or registered credit defaults; The Process If you qualify for the Scheme and would like to view a property, please follow these steps: 1) To register with Orbit, please visit and follow their instructions; 2) Once registered, the Sales Marketing & HomeBuy team at Mercian can be contacted on and will assist in arranging to view available properties. The normal viewing schedule is: Monday Thursday 12:00 16:40 Friday 12:00 15:40 3) After the viewing(s) if you wish to reserve a property, please contact to a member of the team on to pay the non-refundable reservation / processing fee (we accept card payments). 4) Apply for your selected property by completing Mercian s IMR Property application form. Please return the completed and signed form to Mercian along with the required supporting documents (see Section 12) by mail or (pdf scans only). It is imperative that all the documents required are provided as missing documents will delay the assessment process. 5) All qualifying applicants will be required to pass a Mercian Affordability Assessment. The calculations will be based on the information on the application form along with the supporting documents provided. These will determine whether or not your income is sufficient to meet the monthly rent payments and save towards a deposit to buy a home in the future.

3 i.e., Rent and long term commitments (loans, child support, alimony, car insurance etc) should not exceed 40% of take home pay. example1 Derek is applying for a property under the scheme with a monthly rent of His current monthly take home pay is 1, and he has monthly loan repayments of :- Rent ( ) + Long Term Commitments ( ) = / 1, (net income) x 100 = 44% Fail example2 Davey is also applying for a property under the scheme with a monthly rent of His current monthly take home pay is 1, and he does not have any long term commitments:- Rent ( ) + Long Term Commitments ( 0.00) = / 1, (net income) x 100 = 36% Pass If you have any doubt about whether you will pass the affordability assessment before you reserve a property; speak with a member of the Sales Marketing & HomeBuy team who will go through your current and future financial commitments before reserving a property. Contact Details: Telephone: sales@mercian.org.uk 6) If the application is successful, confirmation will be sent advising that application is approved subject to credit and reference checks. Our Terms of Business and a sample tenancy agreement will be attached to the . However, if the application is unsuccessful, a decline will be sent (10 day right of appeal). 7) After the Affordability Assessment, credit and reference checks will be carried out by an impartial party - we currently use RentShield Direct. 8) Subject to positive Report, we will arrange a mutually convenient date and time for the tenancy start date / sign-up appointment. If the report is negative; however, there are a number of options: i. Decline the application (7 day right of appeal) ii. Request six months advance rent payment iii. Request a rent guarantor (must own a property in England or Wales) 9) We will send confirmation of the date and time along with the amount that will be due for payment on the day of the sign-up appointment. 10) Sign-up appointments are carried out at the property and payment is collected via debit/credit card or bankers cheque.

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5 Intermediate Market Rent Property Application Form Your Orbit Ref. No. Please fill in this form in BLOCK CAPITALS using black ink then send it to the address at the back of the form. We are unable to consider your application unless all the sections are full completed and we received all documents requested in Section 12. Section 1 Details of Property of Interest Please provide the full address of the property/development you are interested in What is the minimum number of bedrooms you need? One... Two... Three... Four... Section 2 - About you and your household Title (Mr/Mrs/Ms/Miss/Other) First Name Middle Name(s) Surname Date of Birth Marital Status Current Address Postcode How long have you lived at this address? (if you have lived at your current address for less than five years, please list all your previous address in Section 10a) Home telephone number Mobile telephone number Work telephone number Address Are you a British or EU/EEA Citizen? If the answer is no, is your passport stamped with Indefinite Leave to remain? (Please provide evidence) If you are not an EU/EEA Citizen, please state your nationality?

6 Section 3 Employment details Occupation Current job title National Insurance Number Employment start date (dd/mm/yyyy) Terms of Employment Full Time Part Time Full Time Part Time Permanent Fixed Term Permanent Fixed Term If fixed Term, what are the contract dates? Start date End Date Start date End Date Full Name of Employer Full Address of Employer Name of Line Supervisor / Manager Job Title of Line Supervisor / Manager Telephone number - for Line Supervisor / Manager address - for Line Supervisor / Manager Address for HR Department Fax number for HR Department Have you been employed with this employer for 12 months? Any other relevant information about other current employment * information needed for referencing 1) If you are starting a new job, please let us have your Letter of Employment / Job Offer Letter confirming your start date and salary 2) Please provide details of all previous employment in the last 12 months (see Section 10b)

7 Section 4A About your current housing and your housing needs Are you? (tick all that apply) First time buyer Council Tenant Housing Association Tenant Renting from Employer Renting Privately Living with Family Living with Friends Current home owner Previous home owner Other (please specify) With the exception of the person or persons signing this application, who else will be living with you? Please state their full name(s), relationship status and whether in full time education or working etc. Education/ Name Relationship Gender D.O.B Annual Salary Working 1] 2] 3] 4] How would you describe the composition of your household? Single Couple Sharing Single with children Couple with children Is anyone in the family to be housed expecting a baby? Yes No If yes, when is the baby due? / / Do you consider you or any member of your household to be disabled? Yes No Are you or a member of your household a wheelchair user? Yes No Do you have any pets? Yes No Section 4B About your current landlord Please let us have the name, address and phone number of your landlord / lettings Agent: Contact Name: Landline Number: Mobile Number: Address: Contact Name: Landline Number: Mobile Number: Address:

8 Section 5 Income and savings details Total annual income before deductions (excluding overtime and bonuses) Total monthly take home pay (after deductions) Please provide details of any other income you receive: Working Tax Credit Child Tax Credit Any Other Income (this figure will only be used if evidence is provided) Total savings Section 6 Current monthly expenditure (outgoings) Payments Total Outstanding Final Payment Date Payments Total Outstanding Final Payment Date Rent Council Tax Hire Purchase Loans Credit Cards Life Insurance Car Insurance Child Support Alimony Other (please give details on separate sheet)

9 Section 7 Credit History 1. Do you have a good credit history? 2. Have you ever had a home repossessed? 3. Have you ever had any County Court Judgements? If yes, have they been satisfied? 4. Have you ever been bankrupt or insolvent? If yes, have these been discharged? 5. Have you made any arrangement with creditors? (please provide details on a separate sheet) 6. Have you been in rent arrears in the last 12 months? N/A N/A 7. Are you currently up to date on your rent account? N/A N/A Section 8 Intermediate Rent Questionnaire 1. Is your household s income less than 60,000 per annum? Yes No 2. Do you own a property? 3. Are you unable to afford a suitable home through one of the low-cost home-ownership schemes or on the open market? 4. Are you willing to make a commitment to enter home ownership through low cost home ownership products in the short to medium term (within five years)? 5. Can you afford 80% of the local market rent? 6. Can you demonstrate how the discounted rent will enable you to save towards a deposit? 7. Are you currently claiming housing benefit? 8. If your application is approved, will you need to claim housing benefit to help you pay the rent?

10 Section 9 Equal Opportunities What is your ethnic origin? White British White - Irish White Other (please specify): Black Caribbean Black African Black Other (please specify): Mixed White and Black Caribbean Mixed White and Black African Mixed White & Asian Mixed Other (please specify): Asian Indian Asian Pakistani Asian Bangladeshi Asian Other (please specify): Other - Chinese Other - Gypsy/Romany/Irish Traveller Other (please specify): Question refused What is your preferred language? English Other (please specify): Question refused What is your gender? Male Female Transgender What is your faith? Buddhist Christian* Hindu Jewish Muslim Sikh No religion Other (please specify): Question refused What is your sexuality? Heterosexual Gay man Gay woman/lesbian Bisexual Question refused *including Church of England, Catholic, Protestant and all other Christian denominations

11 Section 9 Equal Opportunities cont d Do you consider yourself to have a disability? No disability Blind Partially sighted Profoundly deaf Partial hearing Speech impairment Learning difficulties Mental health Limited mobility Physical co-ordination difficulties Wheelchair user - full Wheelchair user - partial Other (please specify): Question refused Any other disability not listed Are you in receipt of Disability Living Allowance?

12 Section 10a Details of your previous addresses for the last 5 years Previous Address Postcode How long did you live at this address? from to from to If a rented property, please let us have the full name, address, phone number of landlord or lettings agent? Previous Address Postcode How long did you live at this address? from to from to If a rented property, please let us have the full name, address, phone number of landlord or lettings agent? Previous Address Postcode How long did you live at this address? from to from to If a rented property, please let us have the full name, address, phone number of landlord or lettings agent?

13 Section 10b Details of your previous employers in the last twelve months Full Name of Employer Full Address of Employer How long did you work for the company? Start date End Date Start date End Date Name of Line Supervisor / Manager Job Title of Line Supervisor / Manager Telephone number - for Line Supervisor / Manager address - for Line Supervisor / Manager Address for HR Department Fax number for HR Department Full Name of Employer Full Address of Employer How long did you work for the company? Start date End Date Start date End Date Name of Line Supervisor / Manager Job Title of Line Supervisor / Manager Telephone number - for Line Supervisor / Manager address - for Line Supervisor / Manager Address for HR Department Fax number for HR Department

14 Section 11 Where did you hear about Mercian? Direct Mail Local Authority Estate Agent Financial Advisor Web site / Internet Word of Mouth Sign board Radio Interview Flyer Press advertisement (please specify magazine) Radio advertisement (please specify station) Newspaper article (please specify paper) Other (please specify) Section 12 Documents required from all applicant(s) We cannot make a full assessment of your application form unless we receive the following documents from you: Valid Proof of Photographic Identity, please provide a good quality colour copy of at least one of the following documents: o Passport o Photographic Driving Licence (Evidence of Indefinite leave to remain in the UK or current immigration status needed for non British EU/EEA citizens) Proof of Address (no older than three months), please provide a copy of at least one of the following documents: o Utility Bill (gas, electricity or water) o Council Tax bill o Telephone Bill o Bank/Building Society statement o Credit/Store card statement Proof of Income, please provide copies of the following were applicable: o last three months wage slips (or twelve weeks, if paid weekly); o Evidence of Working Tax Credit o If self employed, Proof of Self Employment Registration and most recent Self Assessment tax return; To ensure that there are no undue delays, please contact your Human Resources Department and give them permission to respond to our employment confirmation/reference enquiry. Confirmation of Income and Expenditure o Copy of latest bank statements showing transactions for at least three months; o If self employed, copy of latest bank statements showing transactions for twelve months; Proof of Savings, please provide a copy of any document from the following list: o Bank statement o Bank Book o Investment Certificate o Any other document proving current savings PLEASE DO NOT SEND ORIGINAL DOCUMENTS AS WE CAN NOT GUARANTEE THEIR SAFE RETURN Should you wish to provide further details to support your application, please continue on a separate sheets sign and date the sheet and return with this form.

15 Section 13 Declaration Circle Housing Mercian will only process your personal data for the purpose of processing your application for housing and will hold your information in accordance with the Data Protection Act All information you give us on this form (and information resulting from contact with your landlord and/or employer) may be shared only in relationship to this application. All information will be treated in the strictest confidence. We reserve the right to take up any references relating to applicants as we consider it necessary and will search the files of any credit reference agency which will keep a record of any such request. We must protect the public funds we handle and so may use the information you have provided on this form to prevent and detect fraud. Under section 29(3) of the Data Protection Act 1998 the information may be disclosed for purposes of crime prevention and detection. Sensitive personal data such as racial or ethnic origin, offences (including alleged offences) and physical and mental disabilities are required under the Equal Opportunities monitoring statue. We may also share this information for the same purposes with other organisations that handle public funds. The information may be used for statistical surveys, which means we may pass this information in confidence to the Homes and Communities Agency and agencies working on our and their behalf. Declaration: It is a criminal offence to knowingly or recklessly make a false declaration or withhold information reasonably required in connection with your application. I/We have read the above and confirm that accurate and up-todate information has been provided relating to this application. I/We understand that if it is found that false information has been given to obtain housing either knowingly or recklessly, appropriate legal action may be taken, and/or we may seek possession of any leasehold or residential tenancy granted. I/We understand that under the terms of the Intermediate Rent Scheme that: 1. The property allocated will be occupied as my/our only residence 2. The scheme will enable me/us to save towards a deposit 3. A commitment is being made to enter home ownership through low cost home ownership products in the short to medium term (within five years), subject to market conditions 4. As a council, housing association or other public sector tenant, I/we will be required to give up my/our rented home on the day of completion if I/we buy or rent a home through this application. I/We authorise my/our landlord to supply a rent reference to Circle Housing Mercian in support of this application. I/We authorise my/our employer to disclose to Circle Housing Mercian any information relevant to this application. Signed Signed Dated Dated Please check that you have filled in all sections and attached all the required additional information as specified in Section 10, otherwise the form will be returned to you. Please send your completed form to: Sales Marketing & HomeBuy Circle Housing Mercian Gee Business Centre Holborn Hill Aston Birmingham B7 5JR Telephone: Facsimile: Circle Housing Mercian is a Charitable, Industrial and Provident Society Registered Housing Association No. L0942 Registered Friendly Society No R

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