Who can buy?
Your Home is available to first time buyers and people looking to move home (or even people looking to stay in their current property without the need for a mortgage).
If you have a sufficient cash deposit, ‘good credit’ and a household income at or below £80,000 (£90,000 in London) then you may be able to buy Your Home.
('good credit' means you have no late payments on your credit report over the last 12 months and any adverse credit such as CCJ’s has been settled for at least 12 months)
Household income can be employment, self-employment (with a good history of accounts), pension income, maintenance payments and may include certain types of benefit payments.
Whilst you don’t require a mortgage, you will need to satisfy typical affordability criteria to enter into the Your Home lease.
This will take into account your credit history, the cost of the Your Home rent on the home you wish to buy as well as any other financial commitments you may have.
Applicants will also need to satisfy the following basic criteria:
- You will need to be in permanent employment, have pension income or similar.
- You will be a British or EU citizen or have indefinite right to remain in the UK.
- You will not have been bankrupt or have any outstanding bad credit such as CCJs
What can you buy?
With Your Home you can purchase almost any existing home for sale with any local, regional or on-line estate agent.
This can be a recently built or period house or flat.
Like you we expect the house to be of standard construction, structurally sound, in good condition and ready to be occupied.
The home will need to be for sale as a freehold (more than 125 years remaining) and have been occupied previously - no "new build" or properties for sale previously owned by a house builder or company.
("shared", "floating" or "flying" freeholds properties will attract an additional fee due to additional legal work required.)
Your Home requires you to buy a minimum of 10% of your chosen home with cash but you can buy 15%, 20%, 25% or more if you have the cash and want to own a bigger share when you move in.
heylo will purchase the property and will then sell you the share you have chosen to buy via a shared ownership lease on the same day.
On the day of purchase the landlord's share (the part you did not buy) must be either 50% or at least £100,000 of unpurchased property value.