Heylo Housing Limited (“Heylo”) has launched an affordable shared ownership solution for individuals and families looking purchase a Starter Home or Discounted Market Sale property.
Available exclusively from Heylo, “Your Front Door”, which does not require a mortgage, enables customers to buy a share of discounted properties for sale across the UK with just a 10% cash deposit.
Customers part-buy and part-rent their property via a long term shared ownership lease which gives them security of ownership as well as the added benefit of at least 75% of any increase in the value of the part of the property they do not own.
Nicholas McAlpine-Lee, CEO of Heylo said “Having developed this solution in conjunction with a number of leading Local Authorities, we are delighted to launch Your Front Door. This product should address a gap in the shared ownership market for people wanting to part-buy, part-rent properties for sale at a discount – including the recently announced pipeline of Starter Homes.”
The act of selling these discounted properties as shared ownership can enfranchise more than twice as many potential buyers across the country – liberating Generation Rent and supporting increased house building activity.
Heylo, a joint venture with a leading local authority backed by pension fund investment, is currently active in over 50 Local Authorities. Having already contracted with major house builders to deliver 1,000’s of affordable homes across the UK over the next 3 years under its Home Reach brand. More information on Your Front Door is available from our consumer web site at www.YourFrontDoor.org.uk
Nicholas McAlpine-Lee again, “The affordability benefits of buying a share without the need for a mortgage will significantly increase the number of people who can purchase these types of properties – as well as giving developers increased confidence to deliver more.”