The Cambridge Building Society has reopened applications for its Rent to Home initiative, offering tenants the chance to reclaim up to 70% of their rent to use as a deposit on a first home.

The mutual has made three properties available through the scheme – a family home in Northstowe and two self-contained flats in Great Shelford – with applications open until 17 April.

The programme, launched in 2019, is designed to support first-time buyers who can afford monthly housing costs but struggle to build a deposit while renting.

Under the scheme, tenants can reclaim up to 70% of the rent they pay during their tenancy to use towards the purchase of a property.

Since its launch, the initiative has returned £132,750 in rent to tenants who have gone on to buy their first home.

Carole Charter (pictured), chief commercial officer at The Cambridge Building Society, said: “Rent to Home has transformed the lives of people who previously thought they had no way of fulfilling their dream of getting on the housing ladder and putting down roots in our community.

“Research shows that many aspiring first-time buyers believe homeownership is out of reach, yet for most the real challenge isn’t affordability month to month but saving for a deposit alongside paying rent.

“By returning a significant proportion of rent, Rent to Home has helped people reclaim tens of thousands of pounds and turned renting into a genuine pathway towards buying their first home.

“We would encourage anyone who feels they may never own a home to look at what previous Rent to Home tenants have achieved and apply – homeownership is closer than you think.”

Successful applicants will rent one of the newly refurbished properties from The Cambridge for between one and three years. If they decide to buy a home during that period, a portion of the rent they have paid will be returned to support their deposit.

The two-bedroom house in Northstowe will be let at £1,400 per month. Tenants could receive up to £35,280 back at the end of the tenancy.

The two flats in Great Shelford, located above the society’s branch, will be available at £1,350 per month. Tenants in these properties could reclaim around £34,020.

A ballot will take place on 29 April to randomly select the next tenants. Those successful will have up to three months following the ballot to move into their new homes.

All previous Rent to Home tenants have received a lump sum at the end of their tenancy and subsequently purchased a property, with the option of securing a mortgage from the society.

In 2025, five tenants reclaimed a combined £75,285 through the scheme to help fund their deposits.

Seven tenants across four Cambridge-rented properties are currently participating in the programme, with more than £134,000 in rent projected to be returned in the coming years.

Abigail Smith, property manager at Cheffins’ Cambridge office, said: “We are delighted to be continuing our partnership with The Cambridge on the Rent to Home initiative.

“This forward-thinking scheme has already helped a number of first-time buyers across the region take their first step onto the property ladder, offering a practical solution for so many of those who are finding it challenging to save for a deposit in the current climate.

“It has been particularly rewarding to see eight tenants successfully purchase their homes at the end of the scheme, benefiting not only from a clear pathway to ownership but also from high-quality, newly refurbished properties during their tenancy.”