Cambridge Building Society has launched its 2020 Rent to Home Scheme and will be welcoming applications from 23 September.
The scheme provides a successful applicant (selected via a ballot) with a newly refurbished property owned by the Society that can be rented for a maximum of three years.
After this term, 70% of rent paid (up to £18,900) is returned to the tenant to be used as a deposit for a mortgage with The Cambridge Building Society.
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This unique scheme is the first of its kind and is hoped to create a focus on first-time buyers and their need for additional support, enabling them to step on to the property ladder.
Those applying for the initiative must by a first-time buyer, be or become a member of The Cambridge Building Society, receive a modest income and only apply as a single or joint applicant.
Peter Burrows, Cambridge Building Society chief executive, said: “As a member owned organisation, we have been dedicated to helping people own their own homes for 170 years.
“This initiative goes back to the roots of building societies where money was pooled to help build the next home. We are passionate about supporting first-time buyers and we felt we needed to lead by example in doing something different.
“I feel that there is more to do in our sector to support first-time buyers into the market. The average age of first-time buyers is steadily increasing year on year and more needs to be done. I’m keen that we continue to play our part and push the boundaries of what is possible.
The property that is being made available is a fully refurbished apartment in Cottenham – perfect for those needing to commute into the City. Rental cost is in the region of £750 per calendar month.
During the term, the tenant is supported on their journey by a personal relationship manager, with the view to guiding them through the complexities from renting to homeownership.