Market Harborough Building Society has launched a Rent to Own initiative for tenants living in five newly renovated flats in the heart of the town. When eligible tenants are ready to buy their first home, they will receive 60% of the rent they have paid, for up to three years, back towards their deposit.
According to the Society, saving for a deposit while renting remains one of the biggest barriers to a first purchase, even though monthly mortgage payments can often be comparable to rent. It developed the Rent to Own initiative in response, giving people in its heartland a way to work towards ownership while they continue to rent.
“For many first-time buyers, saving for a deposit while paying rent can feel impossible,” said Iain Kirkpatrick, chief executive of Market Harborough Building Society (pictured).
“By returning a portion of the rent towards a future house deposit, this initiative gives people a real opportunity to take that next step.”
The Society is investing in the five flats within Welland House, its former head office. The Rent to Own initiative forms part of its wider Thrive! Agenda, a programme under which it funds projects aimed at improving financial wellbeing, widening access to housing and creating a positive impact beyond its core financial services.
The project follows the Society’s £2.2 million investment in seven affordable homes across South Leicestershire.
The transformation of Welland House extends beyond the flats, with the Society also investing in its flagship branch. The redesign builds on Newcombe House, the Society’s current head office and community hub. The redesigned branch will offer members a banking space alongside a hub designed to bring people together and support local organisations.
