Market Harborough BS launches Rent to Own scheme
Market Harborough Building Society has launched a Rent to Own initiative designed to help renters save for a house deposit while renting.
The mutual said eligible tenants living in one of five newly renovated flats at Welland House, its former head office in Market Harborough, will be able to receive 60% of the rent they have paid for up to three years back towards a deposit when they are ready to buy their first home.
Market Harborough Building Society said the initiative was created in response to the challenges faced by local buyers, many of whom struggle to save for a deposit while meeting rental costs.
As such, the Rent to Own scheme forms part of the mutual’s wider efforts to support access to homeownership in its local community.
Iain Kirkpatrick (pictured), chief executive of Market Harborough Building Society, said: “For many first-time buyers, saving for a deposit while paying rent can feel impossible. 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 scheme is based at Welland House, where the society has invested in five flats for aspiring homeowners. It said the initiative would allow tenants to live in the centre of Market Harborough while saving towards homeownership.
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Among other criteria, applicants must have a minimum annual income of £40,000, either individually or jointly, and have a maximum annual income of £60,000 as an individual applicant or £80,000 as joint applicants.
