Agents across the UK have helped Your Home by Heylo Housing treble the number of property transactions it completed last year with over 130 properties purchased through its part-buy, part-rent scheme.
The biggest increase in purchases was seen in areas where estate agent partnerships have rapidly developed, including the Isle of Wight (pictured), West Sussex and Lancashire – with some areas seeing more than 10 times the sales in just 12 months.
REFERRAL FEE
Your Home acts as a cash buyer and provides a £500 referral fee for every introduction that becomes a completion. It then turns freehold properties into part-buy, part-rent homes.
Agnieszka Skowronek, Head of Your Home, says: “The relationships we’ve developed with a number of key agents across the UK has made a significant difference over the past 12 months, helping even more people learn about Your Home and how it could help them buy their dream home.”
She adds: “When you look at the areas where we’ve seen the highest increase in sales, it coincides with where those strong relationships lie. We’re very lucky to work with such a great range of estate agents and look forward to expanding our reach across the UK even further.”
MINIMUM DEPOSIT
The Neg reported last year how customers who purchase their home in partnership with Your Home will put down a minimum of 25% deposit of the home’s full value, then pay rent to Your Home on the remaining share on a 999-year lease, capped at 4.89% for the first year then increasing by RPI + 0.5% every year.
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.
And as there is no interest on the rent paid, the scheme is certified as Sharia compliant by The Islamic Council of Europe.