How The Cambridge’s Rent to Home initiative is making a difference
The Cambridge Building Society is expanding its unique Rent to Home housing scheme and two family houses are available - but you will need to move quickly to register your interest.
The scheme was launched in 2019 and is part of the society’s Making The Difference community programme. The two modern homes in Northstowe and Longstanton, on the market with Cheffins, bring The Cambridge’s portfolio to five properties, with more planned in the future.
You can register your interest in renting one of the homes by emailing makingthedifference@cambridgebs.co.uk before 5pm on Wednesday, May 31. The successful applicants will be decided by a ballot on June 16 and they can rent a newly-refurbished property for between one and three years. During this time, if they are ready to purchase their own home, 70 per cent of the rent paid will be returned to help towards the deposit if they take a mortgage with The Cambridge.
Andy Jukes, head of customer engagement at The Cambridge, said: “It is thrilling to be able to expand our rental properties by investing in these two family-sized homes, knowing that it will eventually make a difference to people’s lives.
“Our commitment to our community is at the heart of everything we do, and we take that responsibility very seriously. The struggle to save for a mortgage deposit while renting is difficult for many people and that’s why it’s so important to us to keep finding new ways to help people have a home.
“It’s been great to see Rent to Home help our members take that first step on the home-ownership ladder and we’re excited to draw our next lucky applicants in the ballot, and to welcome them to their new home for the next few years.
“It is the very purpose of The Cambridge, and the reason we founded in 1850.”
The two new properties are end-of-terrace homes with plenty of space, open-plan living and low maintenance gardens, aimed at families who might otherwise struggle to rent and save for a deposit at the same time.
The two new properties are end-of-terrace homes with plenty of space, open-plan living and low maintenance gardens, aimed at families who might otherwise struggle to rent and save for a deposit at the same time.
The Northstowe property is in Grenadier Drive, close to The Cambridge’s branch in Bar Hill. Built in 2018, it has an open-plan kitchen/diner with integrated appliances, two double bedrooms - one with an en-suite - and a ground-floor cloakroom and utility room.
In Longstanton, the three-storey town house in Mitchcroft Road has a kitchen with appliances, a spacious living-dining room, three bedrooms and a family bathroom on the first floor and a large principal bedroom with en-suite and walk-in wardrobe on the second floor.
Both properties have a private patio and lawned garden at the rear and a wooden shed. The Longstanton home has two allocated parking spaces and the Northstowe house has one.
The first Rent to Home properties were flats that The Cambridge already owned – two above its Great Shelford branch, and a third above the Cottenham branch. These were rented in 2019 and 2020 following a ballot process.
Ben Thompson, associate at Cheffins, said: “The previous Rent to Home scheme in Great Shelford saw a huge amount of interest with the ballot quickly filling up with applicants.
“Cambridge is an expensive place to live, and this scheme will provide a lifeline for those looking to save for a deposit. We wholeheartedly support The Cambridge’s ambition to give back to renters and are confident that the next two properties in the portfolio will see significant levels of interest.”
The Northstowe and Longstanton properties are rented at market rates of £1,300 and £1,450 per month respectively for a maximum period of three years, after which the tenants will receive 70 per cent (estimated to be between £32,760 and £36,540) of the rent back as a home-buying deposit.
How does the Rent to Home scheme work?
You must be a first-time buyer – you must not have owned a freehold or leasehold interest in a dwelling before, and you are purchasing your only or main residence.
You must have a connection to The Cambridge’s heartland – you must live, work, or have a close relative living within a 15-mile radius of its branch and store network.
You need to become a member of The Cambridge – upon your application being successful, you need to become a voting member by opening a savings account with £100.
You must have a modest income - the salary cap is a minimum income of £39,000 for sole and joint applicants, and a maximum income of £60,000 for sole applicants and £80,000 combined income for joint applicants.
Register your interest by email to makingthedifference@cambridgebs.co.uk by 5pm on Wednesday, May 31. If 50 applications are submitted before then, the initiative will close sooner.
The ballot will be held by Friday, June 16 and the successful applicants will be contacted. The two properties are ready now but applicants have three months to move in following the ballot draw.
