The Cambridge Building Society has opened applications for its Rent to Home property in Longstanton, offering aspiring first-time buyers the chance to reclaim up to 70% of their rent towards a future deposit.
The scheme is aimed at households that can afford monthly rent but struggle to build a deposit while meeting their housing and other living costs.
Successful applicants can rent one of the building society’s refurbished properties for between one and three years, with up to 70% of the rent paid returned when they are ready to purchase their own home.
The latest property to become available is a three-storey townhouse on Mitchcroft Road, Longstanton, around six miles from Cambridge. It has three bedrooms, a study that can be used as a fourth bedroom, a family bathroom and en-suite, as well as two allocated parking spaces.
DEPOSIT SUPPORT
The Cambridge launched Rent to Home in 2019. Ten former tenants have subsequently bought their own homes after collectively reclaiming £169,290 through the initiative.
A further nine tenants across six properties owned by The Cambridge are currently participating in the scheme, with more than £201,000 in rent projected to be returned in the coming years to support first-time buyer deposits.
Peter Burrows, chief executive at The Cambridge, said: “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.”
The latest application round follows recent move-ins at two Rent to Home properties in Great Shelford, while a family of four moved into the society’s Northstowe property earlier this year.
Abigail Smith, property manager at Cheffins’ Cambridge office, said: “We are delighted to continue our partnership with The Cambridge on the Rent to Home initiative.
“This forward-thinking scheme offers a practical solution for people who are finding it challenging to save for a deposit, while providing high-quality homes during their journey towards homeownership.
“It has been particularly rewarding to see tenants successfully complete the scheme and purchase their own homes, and we look forward to supporting the next Rent to Home tenant in Longstanton.”
