Following the successful launch of Rent to Home in April, The Cambridge Building Society has drawn the two applicants to benefit from the initiative.
The Cambridge draws the first successful applicants of its Rent to Home initiative
After receiving applications throughout May and June, The Cambridge went back to its roots and selected the lucky two through a ballot held at its Central Cambridge Store, just a stone’s throw from its very first permanent offices. The ballot was drawn using a replica box similar to that used 170 years ago when The Cambridge first started helping local people have a home. Emerson White, Business Development Adviser at The Cambridge was selected through an internal draw to participate in the ballot and it was overseen by the Society’s Company Secretary Janet Reid, the first female Secretary for The Cambridge.
Emerson commented; “It was really heart-warming to be selected as the team member to draw the ballot. Knowing that I played a key part in kick-starting home ownership dreams for the two lucky applicants was certainly not a normal day in the office.”
Both applicants have secured one of The Cambridge’s recently renovated Great Shelford-based flats to live in for a maximum of three years. After this term and 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.
The Cambridge believes Rent to Home to be the first initiative of its kind by a building society. It has been specifically designed to support First Time Buyers in and around the Cambridge area 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.
Peter Burrows, Finance Director at The Cambridge commented on the announcement; “We are delighted to have drawn the first successful applicants for our innovative Rent to Home initiative. As a community-focussed organisation we recognise our responsibility to the people around us, and we are delighted to support the first two members of our local community who are going to benefit from this truly unique initiative.
“The support to our successful applicants does not stop here. Both have been allocated Mortgage Advisers who will be supporting them throughout their time in the flats to enable them to get into a really strong position when they do decide to get their first mortgage and become homeowners for the first time. We’re looking forward to welcoming them to their new home during late summer.”
The Cambridge is an independent, mutual society which has been serving the community since 1850