You just literally reinvented homeownership.
(And conveniently demonstrated how homeownership tends to perpetuate inequality and racism, and why it remains so politically popular.)
In the US it’s also common to have to have a similar arrangement except the extra money is used to purchase bundled education (via “property taxes” for local “public” schools) instead of going into a savings account. The California Supreme Court noted that this is obviously racist and inequality-perpetuating and ruled it illegal in Serrano v. Priest (1971). It’s still common in other states though.
…Yes, that is a thing that I did.