Your Home, Your Way with Part Buy – Part Rent

Research by the Financial Conduct Authority has found that millions of Britons are being priced out of the property market, with 10.9 million people having difficulty in securing and paying a mortgage this year – up 40% on the previous year.* The same Britons are seeing the average UK home now costing nine times the mid-range income alongside record levels of rent, making home ownership an almost impossible dream.**

Helping hopeful homeowners onto the property ladder, without needing an extortionate mortgage or paying a high rent, is Your Home. A revolutionary product for the home ownership market, Your Home turn any freehold property that is on the market in England, into part buy – part rent, giving buyers added flexibility and more choice when it comes to buying a home.

Buyers with Your Home need not compromise on style, size or location, due to being available on a variety of second-hand house types. Unlike the Government’s Shared Ownership scheme, Your Home must be a standard construction freehold property and cannot be less than one-year old, so it isn’t available on new builds.*** Buyers will put down a minimum of 25% deposit of the home’s full value and pay rent to Your Home on the remaining share – which is usually more affordable and cheaper than both renting on the private marker, and buying with a traditional mortgage.

A fantastic alternative to both privately renting and buying on the open market, Your Home customers will have their rent set at capped at 4.89% for the first year, significantly lower than the current mortgage rate average of 6.11%, and potentially significantly reducing monthly outgoings.****For example, a home with a property value of £250,000 could be purchased with the below figures:

25% deposit: £62,500
Monthly rent on 75% unowned share: £764.06
Your Home will invest £187,500
Household income required in this example: £26,000

Agnieszka Skowronek, Head of Your Home comments: “Your Home is a truly exceptional product, helping more and more buyers into their dream homes, without needing a mortgage or paying high rental prices. Instead of having to be able to afford the whole property, our customers will purchase a share with a minimum 25% deposit, paying rent on the rest of the home.

“The idea is then that the customer can staircase, ensuring a tailored approach to each customer. The staircasing process allows homeowners to purchase additional shares, meaning they can own more and rent less as and when it suits them. Through working in partnership with estate agents across the country, Your Home offers a fantastic solution for purchasers who are looking to buy a second-hand home without a mortgage, while keeping costs low and guaranteed.”

Your Home is well suited for a range of buyers, including first time buyers, existing owners looking to move, downsizers and those who are currently renting. The scheme is also certified as Sharia compliant by the Islamic Council of Europe. Offering security to homeowners, Your Home offers a 999-year lease, and as and when buyers can afford to do so, they can purchase additional shares through staircasing – eventually owning 100% of the property and the freehold.

The process with Your Home is simple – after applying online and receiving an Agreement in Principal, buyers will be able to begin their property search through an estate agent for a home under £600,000***. Once making an offer based on Your Home’s agreement, the estate agent and Your Home team will progress the purchase, ensuring that on completion 100% of the property is purchased by Heylo and the agreed share is sold to the buyer at the same time.

For more information on Your Home, visit https://yourhome.org.uk/estate-agents