MHBS Launches Rent to Own Scheme

Market Harborough Building Society has launched a new Rent to Own initiative aimed at helping local renters build a pathway to homeownership.

The scheme will allow eligible tenants to live in five newly renovated flats at MHBS’s Welland House base in the heart of Market Harborough.

They’ll receive 60 per cent of the rent they pay for up to three years towards a deposit when they’re ready to buy their first home.

MHBS’s Welland House base in Market Harborough, with an inset computer-generated image showing how one of the new flats will look.

The Society says saving for a deposit while paying rent remains one of the biggest barriers facing people trying to get onto the property ladder.

Iain Kirkpatrick, 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 local people a real opportunity to take that next step.”

The five flats have been created within Welland House, the Society’s branch and former head office, bringing the landmark building back into use while providing homes for people working towards buying their own property.

The successful tenants will be decided by a ballot due to take place in November.

Iain Kirkpatrick, Chief Executive of Market Harborough Building Society

The initiative forms part of the Society’s wider Thrive! Agenda, which focuses on helping its customers and communities to thrive.

It follows a £2.2 million investment in seven affordable homes across South Leicestershire, aimed at helping more people find a place to call home.

The Society is also investing in its branch at Welland House. The redesigned branch will provide a new banking space alongside a community hub, building on the success of its current head office at Newcombe House on The Point business park.

The community hub will provide flexible space for local groups, organisations and individuals to meet, engage with the Society and connect with others.

More information about the Rent to Own initiative, including eligibility criteria, terms and conditions and how to apply, is available HERE.