The Cambridge Building Society has opened applications for its Rent to Home scheme, which returns 70 per cent back to renters to give them a deposit towards their first home.
The scheme is designed to support first-time buyers who can afford rent but struggle to save for a deposit due to cost of living in the region.
The rent is at market rates of £1,300 and £1,450 for a maximum period of three years.
At the end of a three-year tenancy, tenants receive a lump sum, between £32,000 and £36,000, and this can be used as a deposit on a property they’ve bought with a mortgage from The Cambridge.
Applications are open for its two newest properties in Longstanton and Northstowe.
The deadline for applications is 31 May and a ballot will be drawn on 16 June to confirm the two lucky participants.
The Cambridge’s chief commercial officer Carole Charter said: “I’m delighted that we’ve been able to grow our portfolio of rental properties by investing in these two family-sized homes to expand our unique scheme.
“Saving for a deposit of thousands of pounds is a challenge and it’s our commitment as an independent mutual to make it easier for people to take that first step on the property ladder.”
He added: “It’s been fantastic to watch our previous renters get the keys to their own homes because of their ‘Rent to Home’ success and now that exciting prospect is waiting to happen for our next lucky applicants.”
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
