Applications open for renters looking to become first time buyers
February 12, 2024
The Cambridge Building Society has opened applications for its unique Rent to Home initiative, which returns up to 70% back to renters to give them a deposit towards their first home.
The initiative is aimed at young people and those who can afford their monthly rent but due to the higher cost of living find it challenging to save enough for a deposit.
The scheme is the only one of its kind in the UK and applications are now open for its property in Ely. The two storey flat is situated in the centre of Ely on the High Street, above The Cambridge store. The property delivers iconic views of the nearby Ely Cathedral, through its listed windows. The home is a well-presented 2-bedroom flat that has gas central heating.
Applications 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.
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’ve purchased with a mortgage from The Cambridge.
Also, its current Rent to Home tenants in its Great Shelford properties have recently celebrated their one-year rental anniversaries.
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 ballot winner will live in the Ely property for a maximum of three years. After this term and upon securing a mortgage on their first property, The Cambridge will give them back up to 70 per cent of the money they have paid towards their rent to use as a deposit on their new home.
The property is rented at a market rate of £1,200 for a maximum period of three years, after which the tenant will receive up to 70 per cent (approximately £30,240) of the rent back as a home-buying deposit when they take a mortgage through The Cambridge. Terms and conditions apply.
Visit www.cambridgebs.co.uk for more information and how to apply.