William’s perfect early Christmas present as he’s picked in a ballot for The Cambridge’s latest Rent to Home flat
William Vandepeer enjoyed an amazing early Christmas present when he was picked at random in a ballot to benefit from The Cambridge Building Society’s innovative Rent to Home initiative.
It means William, 25, has been able to move out of his family home in Chippenham and into the building society’s newly-renovated flat in Cottenham, where he will get 70 per cent of his rent back towards a deposit on buying a new home.
“I was looking for a property for my first home when I happened to come across a great looking flat. When I discovered it was being offered as a part of The Cambridge’s Rent to Home initiative I was delighted,” said William, who works as a web developer in Cambridge..
“As a first-time buyer living with my parents and trying to buy my first home, Rent to Home sounded perfect for me - so I applied.
“Being able to live in a lovely home and then having The Cambridge Building Society supporting me down the line with a deposit when I want to buy my long-term home is an incredible opportunity.”
The Cambridge launched the scheme in 2019 with two flats in Great Shelford as part of its Making the Difference initiative and opened applications for its latest property in October.
Rent to Home is designed to support those who are able to afford to rent but, amid the high cost of living in the region, would benefit from help to save a deposit on buying their first home.
Under the terms, William is able to live in the flat for up to three years, during which time the money he is given back from his rent is put towards a deposit on a property, with a mortgage from The Cambridge.
William was picked out in a ballot adjudicated by Janet Reid, company secretary and head of compliance at The Cambridge.
He was told the good news by Peter Burrows, chief executive of The Cambridge, who said: “We are passionate about supporting first time buyers and Rent to Home is our unique way of pushing the boundaries for what is possible.
“As a member-owned society, helping people own their own homes maintains its place at the heart of everything we do, and has done for more than 170 years.
“We take pride in our continued development of solutions that are truly ‘Making the Difference’ in our local community for people like William, and we’re excited to see how his home-buying journey progresses in the coming years”.
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The Cambridge Building Society offers 70% rent back towards deposit for a first home
