Skip to content
ADVERTISEMENT
News

Cambridge Building Society’s Rent to Home scheme helps couple buy first home

Paul Barnes and James Hope have purchased a home in St Ives after completing the society's Rent to Home scheme, having lived in one of The Cambridge's properties in Longstanton since 2023.

3 min read
Share
Eb5f2076 9113 48d8 b0a8 a316b9094cc9
ADVERTISEMENT

The Cambridge Building Society has helped another pair of first-time buyers onto the property ladder through its Rent to Home initiative, with tenants reclaiming 70% of the rent they paid over three years to put towards a deposit.

Paul Barnes and James Hope have purchased a home in St Ives after completing the society’s Rent to Home scheme, having lived in one of The Cambridge’s properties in Longstanton since 2023.

The couple had rented a flat in Cambridge for five years before securing a place on the scheme through a ballot.

James Hope, 37, said: “Before Rent to Home, it was always an uphill challenge trying to save for a mortgage deposit while renting. External pressures, like the cost-of-living crisis and COVID, made it feel like everything was stacked against us, and our dream of homeownership seemed to be pushed further away.

ADVERTISEMENT

“When we got the call that we’d won the Longstanton ballot, I was in such disbelief. You ask yourself, what’s the catch? And there isn’t one!

ADVERTISEMENT

“There’s so much to gain, because you’re entering a relationship with The Cambridge and they are there to help you from start to finish, right through to owning your own home.

“This has been out of reach for us for so long that I don’t know how to process being named a homeowner.”

Paul Barnes, 41, added: “The Rent to Home application process was so easy. It was a simple online form. The Cambridge gave us all the information we needed upfront, so we could read it all in our own time.

ADVERTISEMENT

“We also had the chance to view the property on open days. We applied on the chance that we’d be lucky, and thankfully, we were. Having The Cambridge there to support us throughout the journey was really reassuring.

“Schemes like this should be available across the UK. It would help so many people achieve their dream of owning a home. To the next tenants: for all you know, you could be the next lucky ones. Just apply for it!”

ADVERTISEMENT

The mutual said Hope and Barnes are the latest beneficiaries of the scheme, joining 10 previous tenants who have collectively reclaimed £169,290 in rent to help fund deposits for their first homes.

ADVERTISEMENT

Under the Rent to Home initiative, eligible tenants can reclaim up to 70% of the rent they have paid when they leave one of the society’s properties, using the money towards a deposit.

Peter Burrows, chief executive of The Cambridge Building Society, said: “We’re delighted to see another Rent to Home tenant achieve their dream of homeownership and take this important step onto the property ladder.

“For many people, saving for a deposit while paying rent and their daily bills remains a big challenge. Rent to Home was created to address that problem, giving tenants the opportunity to turn their rent into a future deposit.

“Stories like this demonstrate the real impact the scheme is having within our communities and reinforce our purpose of helping people have a home.

ADVERTISEMENT

“We’re incredibly proud to have supported Paul and James throughout their journey and wish them every happiness in their new home.”

Related

ADVERTISEMENT