Earlier this year the mutual expanded its ‘Rent to Home’ initiative by investing in two modern family homes in Longstanton and Northstowe, increasing the community scheme to provide five homes for local people.
James said: “I had given up on the idea of owning my own home until I saw how The Cambridge is making a difference for first time buyers in its yearly newsletter.
“I can’t believe that schemes like this aren’t widely available up and down the country. It’s a massive opportunity for people like us, that might otherwise be struggling due to the cost of living, inflation, and fierce rental market, to get a foot on the housing ladder.”
Paul said: “We applied online, it was very straightforward, and I was surprised at how easy it was.”
“You never think you’ll be the lucky one that gets selected, it’s like winning the lottery in many ways.”
The property is a three-story modern town house with four bedrooms. It has a 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.
Tenants were also drawn for the scheme’s second new property, located in Northstowe. Joint applicants Sophie Rhead, 20 and Jamie Bladen, 23 were randomly selected as the winners of the Northstowe property and the couple learned the news on Jamie’s birthday.
“This is life changing for us, I don’t think we can put into words how grateful we are.”
Jamie said: “Getting the call on my birthday was an incredible surprise and I couldn’t have asked for a better present, thank you so much.”
The Northstowe home 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.
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 late June.
The successful applicants were told 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 properties. The applicants moved into their respective properties at the end of July.
The ‘Rent to Home’ scheme was initially launched by The Cambridge Building Society in 2019 and 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, its first two tenants received 70% of their rent back and moved into their own homes in July 2022. Another moved into the apartment above The Cambridge’s Cottenham branch in 2020 and is in the process of completing his tenancy and moving into his own home.
Caption: (Right to Left). Chief Commercial Officer, Carole Charter, Jamie Bladen, Sophie Rhead, Paul Barnes, James Hope, Chief Executive, Peter Burrows.
