MHBS Launches Rent to Own Initiative
At Market Harborough Building Society, we believe homeownership should feel achievable, not out of reach.
That’s why we’ve launched our new Rent to Own initiative, designed to help renters overcome one of the biggest barriers to buying a first home: saving for a deposit while paying rent.
We know that for many aspiring homeowners, monthly mortgage payments can often be comparable to rent, but building up a deposit can feel out of reach. In response to this challenge, we’ve created a practical solution that helps local renters work towards homeownership while continuing to rent.
Through the initiative, eligible tenants living in one of five newly renovated flats at Welland House, will receive 60% of the rent they have paid back towards their housing deposit when they are ready to purchase their first home. This applies to rent paid over a period of up to three years.
As our Chief Executive, Iain Kirkpatrick, explains:
“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 local people a real opportunity to take that next step.”
By investing in five high quality flats within Welland House, we’re bringing a landmark building back to life while creating a direct benefit for local people. Residents will have the opportunity to live in the heart of the town while building towards a more secure future and a place of their own.
Part of our wider Thrive! Agenda!
The initiative forms part of our wider Thrive! Agenda, which focuses on helping customers, members and communities thrive. Rent to Own builds on our £2.2 million investment in seven affordable homes across South Leicestershire, reflecting our commitment to increasing access to housing and supporting long term financial wellbeing.
Our investment in Welland House extends beyond the new homes. We’re also transforming our flagship branch, building on the success of Newcombe House, our current head office and community hub, which welcomes thousands of visitors each year. The redesigned branch will provide a new banking space alongside a welcoming community hub at the heart of Market Harborough.
Alongside trusted face to face support and easy access to services, the refreshed branch will create more opportunities for local groups, organisations and individuals to meet, connect and engage with the Society. Together, these investments demonstrate how we’re using our mutual model to create lasting value for members, customers and local communities.
To find out more about our Rent to Own initiative, including eligibility criteria, terms and conditions, and application details, click here or speak to our team in branch.