Unique Rent to Home scheme from The Cambridge returns – offering 70% of rent back for home-buying deposit
The unique Rent to Home scheme from The Cambridge Building Society - which returns up to 70 per cent of payments back to renters to give them a deposit towards their first home - is back once again.
The scheme is aimed at helping young people and those who can afford monthly rent but due to the high cost of living find it challenging to save enough for a deposit. Applications are now open for a two-storey property in Ely.
Launched by The Cambridge in 2019, the scheme is in the only one of its kind in the UK. In the past, some baffled customers have thought it was all too good to be true.
But in fact, it has proved a great success, with some of the previous applicants now having moved into home ownership with its help.
The Cambridge launched the Rent to Home scheme to stay true to its original mission of helping local people find a home.
The latest property to enter the scheme is the sixth. The well-presented two-bedroom flat sits in the centre of Ely, on its High Street, above The Cambridge store, and has views of the iconic Ely Cathedral through its listed windows.
Applications for this round of the Rent to Home scheme close on Thursday, 7 March, and a ballot will be drawn by Friday, 22 March to confirm the lucky applicant.
The building society gives the successful ballot winner up to three months to move in following the draw. They will be able to live in the property for up to three years.
Every successful ballot winner has received a lump sum at the end of their three-year tenancy and used this as a deposit on a property they have purchased with a mortgage from The Cambridge.
Carole Charter, chief commercial officer at The Cambridge, said: “We are delighted to once again open Rent to Home applications for our latest rental property based in the historic city of Ely.
“We are very excited to help our next lucky tenant get on the housing ladder, and to buy their first home. We take our commitment to the community very seriously and we know that without our help many local people, like our previous winners, would struggle to have a home to call their own.
“Saving for a deposit of thousands of pounds is by no means easy, and for that reason, we see it as our duty as a community driven organisation to make it easier for people who are in a position, and eager, to take that first step on the property ladder.”
The mutual’s current Rent to Home tenants at its Great Shelford properties have recently celebrated their one-year rental anniversaries.
After the three-year term and upon securing a mortgage on their first property, The Cambridge returns up to 70 per cent of the money its Rent to Home tenants have paid in rent to use as a deposit on their new home.
The Ely property will be rented at a market rate of £1,200, meaning the applicant will receive up to £30,240 back as a home-buying deposit when they take a mortgage through The Cambridge.
Visit cambridgebs.co.uk for more information, details on how to apply and terms and conditions.