A family of four has moved into a Cambridge Building Society rental property in Northstowe after being selected through its Rent to Home ballot.
Caitlyn and Toby, who have two young children, are among the latest tenants to join the scheme, which allows renters to have up to 70% of the rent they pay returned to put towards a deposit when they are ready to buy a home.
The couple, who live with their 18-month-old son Arthur and baby George, will use the scheme to save towards a mortgage deposit while renting the property.
Caitlyn said: “I nearly didn’t answer the phone because it was a random number, but when they told me we’d won the Rent to Home ballot, I was jumping up and down saying, ‘oh my god, oh my god!”
“Winning the Northstowe ballot give us the chance to save for a mortgage deposit over the next three years, have a garden for our children and, most importantly, know that we’re on the path to owning our forever home. It’s something we genuinely never thought would happen.
“We never thought an opportunity like this would be possible for us.”
The Cambridge launched Rent to Home in 2019 for first-time buyers who can afford to rent but struggle to save a deposit while meeting their rental costs.
Tenants can rent a newly refurbished property from the building society for between one and three years. When they are ready to buy their own home, up to 70% of the rent they have paid can be returned towards their deposit.
Carole Charter, chief commercial officer at The Cambridge, said: “We’re delighted to welcome Caitlyn and Toby as our new Rent to Home residents, and to give another family the opportunity to build towards homeownership while enjoying the security of a home they can put down roots in.
“For many families, saving for a deposit while covering rent and everyday household costs can feel like an impossible challenge, and Rent to Home is designed to help bridge that gap by turning a proportion of the rent they pay into a future deposit.
“It’s exciting to see the beginning of their journey as they take meaningful steps towards owning a home of their own.”
10 previous Rent to Home tenants have gone on to buy their own homes, collectively reclaiming £169,290 through the scheme to support their purchases.
The Cambridge said five tenants across three of its rented properties are currently on track to benefit from the initiative, with more than £98,280 in rent projected to be returned in the coming years towards first-time buyers’ deposits.
The building society is also preparing to add another property to the scheme, with a home in Longstanton due to become its next Rent to Home opportunity later this year.
