PRESS RELEASE (21st September 2015)
Heylo Housing Limited (“Heylo”) has launched a ‘do it yourself’ shared ownership solution for individuals and families looking to part-buy, part-rent a second hand property anywhere in the UK using shared ownership.
Available exclusively from Heylo, “Your Home” is a mortgage free way to buy a share of a property for sale with estate agents across the UK with just a 10% cash deposit.
Customers part-buy, part-rent via a 999 year 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 did not buy.
Nicholas McAlpine-Lee, CEO of Heylo said “We are delighted to launch Your Home and address a gap in the shared ownership market for people wanting to part-buy, part-rent a second hand property. Once approved by our Independent Financial Adviser partner, Your Home provides customers with full control over the home buying process with the benefits of Heylo standing behind them as a cash buyer.”
Heylo has committed an initial funding allocation of £50m. However, after 2 preliminary emails to just 30,000 recipients Heylo received over 2,000 enquiries and is already considering a significant increase to its initial funding allocation.
Nicholas McAlpine-Lee again; “We have deliberately focussed on freehold houses and limited our marketing efforts to ensure that the Your Home product was easily understood and the buying process was working well. We hoped that Your Home would be well received but we have been amazed by the speed and scale of consumer response.”
Heylo is currently processing more than 500 applications from this initial group and hopes to help over 250 households realise their home ownership aspirations over the next 6 to 9 months.
Nicholas McAlpine-Lee again; “With our Your Home website (www.YourHome.org.uk) getting over 20,000 visitors in the first month and our first Your Home completions coming through we are currently planning our next phase of much broader marketing and looking to significantly increase Your Home affordable housing delivery.”
Heylo, a joint venture with a leading local authority backed by pension fund investment, is active in over 40 Local Authorities. Having already acquired over 500 shared ownership affordable housing properties, Heylo has contracted with major house builders to deliver over 1,000 affordable homes across the UK over the next 3 years under its Home Reach brand.