The Cambridge Building Society has opened applications for its rent to home scheme, which returns 70% back to renters to give them a deposit towards their first home.
Rent to home is designed to support first-time buyers who are able to afford to rent, but due to the higher cost of living in the region are unable to save enough for a deposit.
Applications are now open for the scheme in two property developments in Longstanton and Northstowe, comprising recently constructed modern end of terrace homes.
Applications close on 31st May and a ballot will be drawn on 16th June to confirm the successful applicants.
Every successful ballot winner receives a lump sum at the end of their three-year tenancy and uses this as a deposit on a property they purchased with a mortgage from the Cambridge.
Cambridge Building Society chief commercial office Carole Charter comments: “Saving for a deposit of thousands of pounds is a challenge and it’s our commitment as an independent mutual to make it easier for people to take that first step on the property ladder.
“It’s been fantastic to watch our previous renters get the keys to their own homes because of their rent to home success and now that exciting prospect is waiting to happen for our next lucky applicants”.
Each property is rented at market rates of £1,300 and £1,450 respectively for a maximum period of three years, after which the tenants will receive 70% (estimated to be between £32,000 and £36,000) of the rent back as a home-buying deposit when they take a mortgage through the mutual.
