The Cambridge Building Society has opened applications for its unique Rent to Home initiative, that enables renters to reclaim up to 70 per cent of the rent they pay for use as a deposit on a first home.
The award-winning initiative - the only one of its kind in the UK – now has three properties available: a family home in Northstowe and two self-contained flats in Great Shelford.
The scheme, which was launched in 2019 to help first-time buyers who can afford to rent but are unable to save a deposit to purchase their home, has returned £132,750 in rent to tenants who were able to use it for a deposit to buy their first home.
Carole Charter, Chief Commercial Officer at The Cambridge, said:
“Rent to Home has transformed the lives of people who previously thought they had no way of fulfilling their dream of getting on the housing ladder and putting down roots in our community.
“Research shows that many aspiring first-time buyers believe homeownership is out of reach, yet for most the real challenge isn’t affordability month to month but saving for a deposit alongside paying rent.
“By returning a significant proportion of rent, Rent to Home has helped people reclaim tens of thousands of pounds and turned renting into a genuine pathway towards buying their first home.
“We would encourage anyone who feels they may never own a home to look at what previous Rent to Home tenants have achieved and apply – homeownership is closer than you think.”
Successful applicants will be able to rent one of the newly refurbished properties from The Cambridge for a minimum of one year and a maximum of three years. During this time, if they’re ready to purchase their own home, up to 70 per cent of the rent they've paid will be returned to help towards the deposit.
The two-bed Northstowe property will be let at a market rent of £1,400 per month. At the end of the tenancy, the successful tenant can expect to receive up to £35,280.
The two Great Shelford properties are modern, self-contained flats above the Society’s branch, available at £1,350 per month. Successful tenants can reclaim approximately £34,020.
Applications close on Friday 17 April, and a ballot will be held on Wednesday 29 April to randomly select the next Rent to Home tenants. Successful applicants will have up to three months following the ballot to move into their new homes.
All previous Rent to Home tenants received a lump sum at the end of their tenancy and gone on to purchase a property, with the option to secure a mortgage from The Cambridge. In 2025 alone, five tenants collectively reclaimed £75,285 to support their move onto the property ladder.
Currently, seven tenants across four Cambridge-rented properties are on track to benefit from Rent to Home, with more than £134,000 in rent projected to be returned in the coming years to support first-time buyers’ deposits.
Abigail Smith, Property Manager at Cheffins’ Cambridge office, said:
“We are delighted to be continuing our partnership with The Cambridge on the Rent to Home initiative. This forward-thinking scheme has already helped a number of first-time buyers across the region take their first step onto the property ladder, offering a practical solution for so many of those who are finding it challenging to save for a deposit in the current climate.
“It has been particularly rewarding to see eight tenants successfully purchase their homes at the end of the scheme, benefiting not only from a clear pathway to ownership but also from high-quality, newly refurbished properties during their tenancy.”
Peter Burrows, Chief Executive of The Cambridge, joined senior leaders from 13 building societies in February to discuss support for first-time buyers with the Rt Hon Rachel Reeves MP - The Chancellor of the Exchequer heard about the innovative ways The Cambridge is helping people onto the housing ladder.
The Cambridge was named Best First-Time Buyer Mortgage Provider for the third consecutive year at the MoneyNet Awards in January - for supporting first-time buyers through a range of innovative products, including our innovative Rent to Home scheme.
For more information and to apply, click here or contact Cheffins on 01223 214214, [email protected]