Compliance Senior Manager, Hannah Gladwell, launched the ballot, using a replica of the wooden ballot box first used by the mutual society in 1850 when they were founded to help local people have a home.
Its initiative is the only one of its kind in the UK and gives back up to 70% of the rent paid by the tenant to be used as a deposit for a first home.
Each of the 19 applicants were given a number and their corresponding ball was entered into the ballot box to determine the new residents of its Longstanton and Northstowe properties.
The balls were drawn by Chief Commercial Officer, Carole Charter. She said: “It was delightful to be able to draw this ballot, knowing that it will eventually change the lives of the new tenants.
“Saving for a deposit of thousands of pounds is a challenge and that’s why we committed to supporting more first time buyers by investing in these properties.
“It’s been fantastic to watch our previous renters get the keys to their own homes because of their ‘Rent to Home’ success and we’re really looking forward to making a difference for our latest lucky winners.”
The first two numbers drawn in its Longstanton ballot were 5 and 8, and the first two numbers drawn in its Northstowe ballot were 15 and 12. The corresponding applicants will be contacted and undergo credit checking and affordability verification before signing their contracts to rent the recently constructed modern end of terrace homes.
They will be able to rent the properties for a maximum of three years, after which they will receive up to 70% of the rent back as deposit for their own property, as well as a Cambridge mortgage.
Its Rent to Home initiative was initially launched in 2019 and gives first time buyers a deposit to buy a property, which renting might otherwise prevent them saving for.
The mutual announced last April that it had invested in two family-sized houses to expand its unique initiative. The family homes in Northstowe and Longstanton bring its portfolio to five, with more properties planned to come on board in the future.
The first two Rent to Home tenants have already received their 70% back and moved into their own homes in July last year. A third moved into the flat above its Cottenham branch in 2020 and will complete his tenancy this year.
