Their win means they’ll get up to 70% of their rent back at the end of their tenancy to use as a deposit to buy their first home. Earlier this year, the mutual expanded its ‘Rent to Home’ initiative by investing in a two-storey flat in Ely, furthering the community scheme to provide homes for local people.
Joint applicants Caroline and Cezary are the new tenants of the mutual’s Ely property.
Caroline said: “When the Rent to Home initiative launched in Great Shelford, I applied but was unsuccessful. I applied again this time on a whim, thinking it would never happen. It was a total surprise to find out that we’d won the Ely ballot.”
“Like most people stuck in the rental cycle, we had come to terms with the fact that homeownership was probably out of reach for us.
“We're thrilled that this will be our last rental property, and having a landlord like The Cambridge is an absolute pleasure.“Their thoughtful touches to make us feel welcome have been lovely, and everyone we’ve met at the building society genuinely cares and is excited to be on this journey with us.
“This initiative has been life-changing for us and Rent to Home has restored my faith in humanity.”
Caroline and Cezary lived in Ely at the time their application was submitted and made the short move across the city into their new home in early July. Caroline works in education, bringing Classics to the classroom, while Cezary is a Fellow at Wolfson College.
The property is a two-storey flat. It has an open kitchen diner with integrated appliances, a spacious living area with stained glass windows, two bedrooms, and a ground floor cloakroom.
Each applicant was given a number, and their corresponding ball was entered into the ballot box and drawn by Chief Commercial Officer, Carole Charter, in mid-March. The successful applicants were informed of the news in a video call by Chief Executive, Peter Burrows, and underwent credit checking and affordability verification before signing their contracts to rent the property.
The ‘Rent to Home’ scheme, initially launched by The Cambridge Building Society in 2019, helps first-time buyers build up a deposit to buy a property, which renting might otherwise prevent them from saving for.
The scheme has proved successful, with its first three tenants receiving up to 70% of their rent back. Two tenants moved into their own homes in July 2022, and another tenant completed their tenancy and moved into their own home in October 2023. The rent return relies on the applicant taking a mortgage with The Cambridge.
The mutual has identified a number of opportunities to expand its Rent to Home scheme further in a nearby West Suffolk village, and close to its Bury St Edmunds branch.
Visit www.cambridgebs.co.uk for more information.
