The Cambridge welcome their first successful applicants of Rent to Home into their homes
11 December 2019 • Community • Products & Services • Corporate
After revealing the two successful beneficiaries in the summer, The Cambridge have announced that both applicants have now moved into their new homes, marking a milestone in the Society’s Rent to Home journey.
After announcing the initiative in April, investing significantly into the renovation of both homes and selecting the lucky two through a ballot adjudicated at their Central Cambridge Store, Rent to Home has progressed throughout the year to be a unique and tangible solution for first time buyers in The Cambridge’s local community.
Rent to Home was designed to make a difference by supporting first time buyers who are able to afford to pay a monthly mortgage, but due to the higher cost of living in the region are unable to save enough for a deposit.
Via this initiative, which The Cambridge believe to be the first of its kind by a Building Society, both applicants have secured one of two recently renovated Great Shelford-based flats to live in for a maximum of three years. After this term and upon securing a mortgage on their first property, The Cambridge will give them back up to 70% of the money they have paid towards their rent to use as a deposit on their new home.
Yasmin Brown, one of the successful Rent to Home applicants comments on what Rent to Home means to her, “I initially applied for the Rent to Home scheme because the flats were really convenient in relation to where I work, but it wasn't until I really looked into it that I realised what an incredible opportunity it is.
“Saving for a house is almost impossible when you're renting - especially in Cambridge! But this way I know that each month I'm putting aside a huge chunk with the peace of mind that, in three years at the most, I'll be able to purchase my own home. In the meantime, I get to live in a beautiful flat just a 10 minute walk from work, and have the added bonus of ongoing support from the super Cambridge Building Society team! If the opportunity were to come up again, I'd recommend it to anyone.”
Peter Burrows, recently appointed Chief Executive of The Cambridge comments, “We are thrilled that both our Rent to Home beneficiaries have now settled into their new homes. As a Society, we have been working towards delivering Rent to Home for over a year. We are proud to be providing solutions that are truly making the difference in our local community and are looking forward to keeping in touch with both Yasmin and Lucinda to help them pave their way to home ownership”.