The Cambridge Rent to Home Scheme is now accepting applications, and it offers a great opportunity for those looking to purchase their own home in the city. The scheme allows eligible applicants to rent a property for up to five years, with the option to buy the property at the end of the rental period. This is a great way for those who may not be able to afford a mortgage to get on the property ladder.
The scheme is open to all first-time buyers who are over 18 and have an annual household income of less than £80,000. Applicants must also have a good credit history and be able to provide proof of their ability to pay rent. The scheme is open to both existing and new tenants, so even those who are already renting can apply.
The scheme offers a range of benefits for those looking to buy a home in Cambridge. Firstly, it allows applicants to rent a property at a discounted rate, with the option to buy the property at the end of the rental period. This means that applicants can save money on rent while they save up for a deposit on a mortgage. Secondly, applicants can benefit from a range of incentives such as reduced stamp duty, access to shared ownership schemes and help with legal fees.
The scheme is also designed to help applicants build up their credit score, as they will be able to demonstrate that they are able to pay rent on time. This will help them when it comes to applying for a mortgage in the future.
Overall, the Cambridge Rent to Home Scheme is a great opportunity for those looking to purchase their own home in the city. It offers a range of benefits, including discounted rent, incentives and help with building up credit scores. If you are looking to get on the property ladder, then this scheme could be the perfect solution for you.