The Cambridge Building Society has opened applications for its Rent to Home initiative, which enables renters to reclaim up to 70% of the rent they pay to use as a deposit for their first home.

The initiative 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.

The Cambridge chief executive Peter Burrows says: “We’re delighted to be making our Rent to Home property in Longstanton available again and giving another household the opportunity to build towards homeownership.”

“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.”