We’ve helped couple turn ‘impossible dream’ of homeownership into reality

We’ve helped a couple turn their ‘impossible dream’ of homeownership into reality through the our innovative Rent to Home initiative. 

Paul Barnes and James Hope have purchased a home in St Ives after completing their Rent to Home journey with us. The couple reclaimed 70% of the rent they paid during their three-year stay at our Longstanton property. 

Reflecting on their journey, James, 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. 

"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!

"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 and James rented a flat in Cambridge for five years and wondered if they would ever be able to step onto the property ladder – until they won the Rent to Home ballot in 2023.

They are the latest beneficiary of the scheme, joining ten previous tenants who have collectively reclaimed £169,290 to support their move onto the property ladder. 

Paul, 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. 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!” 

Our Rent to Home initiative - the only scheme of its kind in the UK - allows eligible tenants to reclaim up to 70% of the rent they have paid when they leave the society’s property, helping them build a deposit for their first home. 

Research from the Building Societies Association (BSA) shows that many aspiring first-time buyers could be closer to owning their own home than they think, but too many are ruling themselves out before exploring schemes like Rent To Home.  

More than half (59%) of first-time buyers have less than £10,000 in savings and on average they think it will take around six and a half years until they are in a position to buy their first home, with one-in-three (32%) believing they will never achieve homeownership.  

This latest Rent to Home success story highlights the growing need for innovative solutions, like Rent To Home, that help people overcome one of the biggest barriers to homeownership – saving for a deposit, which was cited by 53% of first-time buyers in response to the BSA’s research. 

Peter Burrows, Chief Executive of The Cambridge, 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. We're incredibly proud to have supported Paul and James throughout their journey and wish them every happiness in their new home.”

Currently, five tenants across three Cambridge-rented properties are on track to benefit from Rent to Home, and we are projecting that more than £98,280 in rent could be returned in the coming years to help fund first-time buyers’ deposits.    

Visiting our Rent to Home page for more information.

Hear from Paul and James on our official YouTube channel.