The Cambridge Building Society has opened applications for its unique Rent to Home initiative.
This enables renters to reclaim up to 70% of the rent they pay to use as a deposit for their first home.
The award-winning initiative – the only one of its kind in the UK, run with lettings agency Cheffins as a partner – is inviting applications for its Longstanton property, giving first-time buyers the opportunity to build towards homeownership while renting a refurbished home.
Launched in 2019, Rent to Home is designed for people who can comfortably afford monthly rent but find it difficult to save for a deposit at the same time.
Successful applicants can rent one of The Cambridge’s refurbished properties for between one and three years.
When they are ready to buy their own home, tenants can reclaim up to 70 per cent of the rent they have paid to help fund their deposit.
Patrick Foulger, a recent tenant who has since purchased his own home, described the Rent To Home initiative as a “very real opportunity” to get onto the property ladder.
Peter Burrows, chief executive at The Cambridge, says: “Saving for a deposit while paying rent and everyday household costs remains a significant challenge for many aspiring first-time buyers. Rent to Home was created to help bridge that gap, turning a proportion of the rent tenants pay into a future deposit.”
The three-storey townhouse has three bedrooms, a flexible study or fourth bedroom, a family bathroom and en-suite. It also features a fitted kitchen with integrated appliances, a spacious living room with patio doors leading to the enclosed rear garden, plus two allocated parking spaces.
This latest round of applications follows recent move-ins at The Cambridge’s two Great Shelford Rent to Home properties, while earlier this year a family of four moved into the Society’s Northstowe property.
Nine tenants across six Cambridge-rented properties are currently on track to benefit from the scheme, with more than £201 thousand in rent projected to be returned in coming years to help fund first-time buyers’ deposits.
Abigail Smith, property manager at Cheffins’ Cambridge office, says: “We are delighted to continue our partnership with The Cambridge on the Rent to Home initiative.
“This forward-thinking scheme offers a practical solution for people who are finding it challenging to save for a deposit, while providing high-quality homes during their journey towards homeownership.
“It has been particularly rewarding to see tenants successfully complete the scheme and purchase their own homes, and we look forward to supporting the next Rent to Home tenant in Longstanton.”
Ten previous Rent to Home tenants have now gone on to purchase their own homes, collectively reclaiming £169,290 to support their move onto the property ladder.
