Get on or move up the housing ladder
Just 10% cash deposit and you can get on or move up the housing ladder as a 10% shared owner.
With Your Home you buy part of the property and rent the rest. There's no need for a mortgage and you have the right to buy a more or buy outright at any time!
Your Home brings the low deposit and affordability benefits of shared ownership, which is usually only available on new build properties, to the 1,000's of existing properties for sale with estate agents.
It's Your Home
Of course, being a shared owner doesn't mean anyone else lives in your home. A tried and tested shared ownership lease clearly sets out the rights of you and your family to live there as if you owned it outright (for 999 years if free hold property or the number of years remaining if leasehold property).
The Your Home lease clearly sets out your shared ownership position, rights to fully occupy the property as if you owned it outright and the terms of the monthly payments, rent, on the share you do not buy (the unpurchased share).
The lease also sets out how you can increase your ownership position, reducing the rent, at any time in the future if you wish. Alternatively, if you want to move you can just sell your property on the open market.
As long as you comply with the simple requirements of this lease (such as keeping your monthly payments up to date and looking after your home) it's your space, your place. There are no inspections or need for permission to decorate... it's Your Home!
Flexible and affordable
Depending on the size of your cash deposit you can buy a 10%, 15%, 20% or 25% share or more (your initial share) and pay rent on the part you did not buy (the landlord's share).
Your Home payments on the landlord's share are linked to inflation (not interest rates) meaning they should more closely match your household income over the medium and long term. This rent starts at 4.89% and increases with the Retail Price Index (RPI) plus 0.75% each year. If RPI is zero or negative your rent will increase by 0.75%.
Affordable, fixed monthly payments and no need for a mortgage means your household income goes further and you could afford to buy a more expensive home compared to buying with a traditional mortgage... in fact, Your Home monthly payments are also usually cheaper than private rents so why not save money AND get on the housing ladder?
Plus with Your Home you will be entitled to 75% of any value increase on the share you didn't buy which is additional value that you or your family will be able to access in the future.
If you have a sufficient cash deposit, ‘good credit’ and your household income is below £80,000 (£90,000 in London) Your Home helps you get on the housing ladder in an affordable way and buy the home you really want.
Contact the Your Home team on 020 3744 0408
Monday to Thursday 9am until 6pm, Friday 9am until 5pm