generation rent

Deal to help tenants break free from generation rent

North East housing provider, Prince Bishops Homes, has teamed up with Mansfield Building Society to help more renters get onto the property ladder. The mortgage lender has become the first to allow any increased value of a rented home over the period of tenancy, to be used as part of a purchase deposit. 

Moya Jones, Sales and Marketing Director at Prince Bishops Homes, explains: “Not everyone is in a position to rent at full market value whilst at the same time save towards their own mortgage deposit. This initiative means that we can focus on helping our customers in becoming mortgage ready. With support from specialist Financial Advisor Colin Barwick of Foster Denovo, we try to help tenants to develop good financial management skills and to be aware of their credit score. By building sound financial awareness, we can enable people to break free from generation rent.” 

Moya added: “We are lucky to work with business partners such as Foster Denovo, who understand the mortgage markets and the barriers to home ownership that many renters face.” 

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