The two modern family homes in Northstowe and Longstanton bring its portfolio in the community initiative to five, with more properties planned to come on board in the future.
The Rent to Home scheme was initially launched in 2019 and remains a one-of-a-kind initiative that gives local first-time buyers 70% of their rent back after three years to use as a deposit to buy a property, which renting might otherwise prevent them saving for. Rent to Home is part of the organisation’s Making The Difference community programme.
The first properties were flats it already owned – two above its Great Shelford branch, and a third flat above the Cottenham branch, which were rented in 2019 and 2020, following an audited ballot process.
The two new properties are recently constructed modern end of terrace homes with plenty of space, open-plan living and low maintenance gardens, aimed at benefitting families, who might otherwise struggle to rent and save for a deposit at the same time.
The Northstowe property is in Grenadier Drive on the western side of the town, close to the Society’s branch in Bar Hill and with convenient access to buses and road links to Cambridge and beyond.
It was constructed in 2018 and has a B-rated energy performance certificate. It has an open kitchen diner with integrated appliances, two double bedrooms including master ensuite, ground floor cloakroom and utility room.
The Longstanton house is a three-story modern town house with four bedrooms in Mitchcroft Road. It comprises kitchen with appliances, a spacious living-dining room, and toilet downstairs, three bedrooms and family bathroom on the first floor and a large master bedroom with ensuite bathroom and walk-in wardrobe on the second floor.
Both properties have private patio and lawned garden at the rear with wooden shed and raised borders.
Chief Commercial Officer, Carole Charter, said: “Our Rent to Home scheme has been a phenomenal success and delivered exactly what we intended, which was to help a first-time buyer get a foot on the housing ladder, so it made sense to expand it further to help even more people have a home.
“These two new properties are larger and aimed at families, who can afford to pay rent or a mortgage, but wouldn’t be able to save at the same time for a deposit for their own home.
“We have already had tremendous interest in these properties and we look forward to the ballot in the next few weeks to welcome two new sets of tenants.”
Each property is rented at market rates of £1,300 and £1,450 respectively for a maximum period of three years, after which the tenants will receive 70% (estimated to be between £32,000 and £36,000) of the rent back as a home-buying deposit when they take a mortgage through The Cambridge. Terms and conditions apply. Applications are open throughout May.
