Sign up for £26,000 deposit towards your first home

Two lucky tenants have just over a week left to sign up for The Cambridge Building Society’s unique Rent to Home scheme, which returns 70 per cent of funds for a deposit of around £26,000* towards their first home.

The scheme is the only one of its kind in the UK and gives first time buyers a deposit to buy a property, which renting might otherwise prevent them saving for.

Rent to Home launched in spring 2019, as part of The Cambridge’s ‘Making The Difference’ initiative.

The first two tenants were selected by ballot and each moved into single-occupancy apartments above the society’s branch in Great Shelford in late 2019. A third moved into the Society’s flat above the Cottenham branch the following year.

The first tenant, Lucinda Bass, moved out of the flat in July, receiving 70 per cent of her rent back (£20,000**) as deposit and a mortgage from The Cambridge Building Society to purchase her first home.

Lucinda said: “I am very grateful to The Cambridge for giving me this opportunity. It would have been a real struggle for me to save for a deposit, so winning this ballot has set me up for life.

“I wholeheartedly recommend that people put their names forward for this once-in-a-lifetime opportunity. It is a unique scheme that is fabulous for those who win through.”

Chief commercial officer Carole Charter said: “We were very excited to help our first tenants move forward with their plans, to help get on the housing ladder and buy their first home. We take our commitment to the community very seriously and know that without our help many people would struggle to have the home they need.

“Saving for a deposit of thousands of pounds is difficult and we see it as our duty as an independent mutual to make it easier for people to take that first step on the property ladder.”

Open days to view the properties will be held this evening (Wednesday, September 21) and on Saturday (September 24), before applications close on September 30. The ballot to find two new tenants takes place in October.

Ballot winners will live in the properties for a maximum of three years. After which and upon securing a mortgage on their first property, The Cambridge will give them back 70 per cent of the money they have paid towards their rent to use as a deposit on their new home.

* At 2019 rent of £825 per month

**At 2022 rent of £1,050 per month