The Cambridge Building Society’s Rent to Home initiative has helped another tenant achieve the dream of homeownership.
After nearly three years renting a flat above The Cambridge’s Great Shelford store, 27-year-old school administrator, Liberty Cornell, is now preparing to move into her first home.
The initiative – the only one of its kind in the UK – allows tenants to reclaim 70% of their rent as a deposit when they leave, alongside access to a mortgage from The Cambridge.
Cornell applied for the scheme with her friend, Jo Grindley, while both were living at home with their parents to save money after university.
She said: “We just thought we’d give it a try – I assumed someone else would get it.
“It was such a surprise when we found out we’d been chosen.”
Although working full time, Cornell never believed homeownership in her twenties was realistic.
She added: “I had some savings from going straight into work after university, but not enough to think seriously about buying.
“Rent to Home has transformed what felt like a distant goal into reality – owning my own home.
”Buying a house always felt out of reach, so actually holding the keys to a home I own, is still a bit overwhelming.
“At the same time, I’m really grateful we’ve had this chance – it’s such a big step, but a positive one.
“I’m looking forward to making it feel like mine, even if it just starts with painting some walls, and knowing that this is something I can build on for the future.”
Peter Burrows, chief executive of The Cambridge, said: “We’re delighted to see Liberty move into her first home and proud that Rent to Home has supported her on that journey.
“We know that saving for a deposit can be a major barrier for renters, and we’ve seen first-hand how our one-a-kind initiative can transform lives.
“As we celebrate 175 years of helping people to have a home, as a community-driven organisation we are committed to making the first step onto the housing ladder more accessible to more local people.”
