Building Society opens applications for unique rental scheme

The Cambridge Building Society has opened applications for its unique Rent to Home scheme.

Last month it announced that it had invested in a further two properties – in addition to an existing three – which it would be letting out through its rent-return housing scheme.

The Rent to Home scheme was initially launched in 2019 and remains a one-of-a-kind initiative that gives local first-time buyers 70 per cent of their rent back after three years to use as a deposit to buy a property, which conventional renting might otherwise prevent them saving for.

The Cambridge’s first properties were flats it already owned – two above its Great Shelford branch, and a third flat above the Cottenham branch – which were let out in 2019 and 2020. Now two family houses have been added to the portfolio.

The recently constructed modern end of terrace homes have open-plan interiors and low maintenance gardens, aimed at benefitting families who might otherwise struggle to rent and save for a deposit at the same time.

Applications are now open and close on May 31. A ballot will be drawn on June 16 to select the winners.

Society spokeswoman Carole Charter says: “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.

“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.”

The winners will be able to live in the houses for up to three years after which – and contingent upon them securing a Cambridge mortgage on their first property – The Cambridge will return up to 70 per cent of the rent to use as a deposit.

The 70 per cent is estimated to be £32,000 to £36,000 based on the market rents of £1,300 and £1,450 for the two properties.

This article is taken from Letting Agent Today

You may also be interested in...

Mortgage rates set to fall with end of hiking cycle in sight
Industry insight

Mortgage rates set to fall with end of hiking cycle in sight

Read more
Government unveils ‘long-term plan for housing’ – full details
Industry insight

Government unveils ‘long-term plan for housing’ – full details

Read more
Government pledges to meet its 1 million new homes plan
Industry insight

Government pledges to meet its 1 million new homes plan

Read more

Have a question? Need more information?

Hear from our customers

‘This is the best Estate Agent in Milton Keynes by far. We have been renting the past 10 years from these guys and never let us down…Would 100% recommend Stratfords Property Services to anyone.’

Fatjon K

‘Stunning service, excellent communication and very quick. We hope everybody who is involved in buying a house (especially first time buyers like us) to have an estate agent as Matt.

Gunai A

‘I can highly recommend Stratfords. They are a professional but approachable and friendly team.They quickly found a new tenant for me and managed to negotiate a very good rent. Good communication.’

Ian K

‘We were incredibly pleased with the service and experience that we were provided with by Matt…Stratfords are a lovely business and I’m grateful that we found our new home through them, would highly recommend!’

Joe F

Recommended to Landlords and Tenants alike. Luke and Matt were incredible during the whole process of renting and talked me through everything with amazing attention to detail. Stand out the best letting agents in Milton Keynes.

Kyle

‘David and his team have been my agents for my rental properties for the last 10+yrs and have always been extremely fare and professional in delivering exceptional value for money… These are my go to guys for rental agents and house sales and purchases’

Neville H

‘They have been amazing since the time we started viewing properties. At that time I was working in London and it was very difficult to view properties, but with the assistance from Luke we made it possible…It truly is a joy renting from Stratfords.’

Pieter L

‘Had a great experience with Stratford Property Services. Luke was always extremely responsive and flexible in the 18 months I rented a property through them. I wouldn’t hesitate to rent through Stratfords again in the future.’

Rachel C