The Marches BTR scheme launches Earn Your Deposit Scheme

The Marches Build to Rent scheme is spearheading the Earn Your Deposit Scheme, supporting its residents onto the property ladder whilst renting.

Bedroom at The Marches Build to Rent scheme which supports residents to get onto the property ladder through its Earn Your Deposit Scheme - Native | BTR News
Bedroom at The Marches Build to Rent scheme, which supports residents to get onto the property ladder through its Earn Your Deposit Scheme.

The Marches in Woking is the first Build to Rent scheme in the UK to spearhead the Earn Your Deposit Scheme. The scheme supports its residents to buy their own home by giving money towards a house deposit. Through the scheme, residents can accumulate a significant contribution towards their first property purchase whilst renting their Build to Rent home. The benefit pays residents an annual sum that they can release when they’re ready to buy a home.

How does Earn Your Deposit work?

Each year, The Marches will put aside a sum of money based on the size of a residents home, which will be available to use towards a deposit when they’re ready to buy. Current contribution levels per year are £1,600 for a studio, £2,100 for a one bedroom and £2,400 for a two bedroom apartment. Under the scheme, residents can accumulate up to £30,000.

To qualify for the Earn Your Deposit scheme, residents will need to commit to an assured shorthold tenancy for at least two years. The scheme is not open to existing property owners or investors.

The deposit can also be split between people in shared tenancies. If residents move between smaller or larger properties, the Earn Your Deposit lump sum amount moves with them. And the same applies if a resident decides to move from The Marches into a ThamesWey property.

“We are amidst a new generation of residents who are looking to rent long term and who also want to find their feet on the property ladder. Renting doesn’t need to be a second choice and at The Marches, residents benefit both financially and socially. From saving for a forever home, to community and environmental initiatives, alongside our array of resident perks, we’ve worked hard to redefine rental living.”

Dheraen Quick, Community Manager, Native Residential

As residents save for their first home whilst renting at The Marches, the team have also partnered with flatfair to offer deposit alternative options. This means residents do not have large upfront costs, allowing them to immediately start saving towards a deposit. Residents pay a small fee equivalent to one week’s rent plus VAT, and any costs incurred are adjudicated at the end of the tenancy and settled within flatfair’s end of tenancy platform.

“Partnering with flatfair at The Marches fits well with our existing Earn Your Deposit scheme, making it pain-free to save for a first home. By removing the upfront cost of a tenancy deposit, and by saving an additional annual sum for our residents through Earn Your Deposit, getting on the first rung of the housing ladder is no longer a tall order.”

Dheraen Quick, Community Manager, Native Residential

Launched on 1 March 2022, The Marches is a brand new, vibrant Build to Rent community delivering 429 new homes – a mix of studio, one and two-bedroom apartments set across two landmark buildings. The scheme forms part of the multi-million-pound Victoria Place development in the centre of Woking, Surrey.

“We’re proud to be bringing our No Deposit platform to Woking for the first time. Partnering with Native Group allows us to make renting a fairer, easier process for residents of The Marches, adding to the development’s already impressive list of amenities. With the increased cost of living meaning that everyone’s feeling the pinch, making it easier to save for a deposit on a home has never been more important.”

Gary Wright, Co-CEO, flatfair

The Marches is operated by Native Group, a fast growing independent Build to Rent operator in the UK. The company has 1,700 new Build to Rent units launching this year in London, Woking, Birmingham and Manchester.