Housing firm to offer shared ownership scheme via agents

Heylo Housing Group is stepping up its campaign to get estate agents to use its shared ownership finance proposition through Your Home – a way for both first and second-time buyers to part own a home without a mortgage.

Leeds-based Heylo launched in 2017 and has been trying to attract estate agents, house builders and mortgage brokers to its propositions ever since. Indeed, former Countrywide boss Grenville Turner joined the company in 2019 and only left in July this year to ‘enjoy his retirement’, according to sources familiar with his situation.

Shared ownershp

Your Home is a private shared ownership proposition that turns most freehold property that is on the market in England up to £600,000 into part buy – part rent.

Unlike the Government’s Shared Ownership scheme, qualifying property must be a standard construction freehold property and cannot be less than one-year old, so it isn’t available on new builds.

Buyers put down a minimum of 25% deposit of the home’s full value and pay rent to Your Home on the remaining share on a 999 year lease, capped at 4.89% for the first year.

So for example, a client wanting to buy a property valued at £250,000 (minimum household income £26,000) would need a deposit of £62,500. Your Home would then invest the remaining £187,500 and monthly rent on the 75% unowned share in the first year would be £764.06.

Clients then have the option to ‘staircase’ – buy more of the actual property and rent less – as and when it suits, eventually owning 100% of the property and the freehold.

EXCEPTIONAL

Agnieszka Skowronek, Head of Your Home, says: “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.”

She adds: “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 will be available through estate agents to 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.