Your rent is a contractual agreement between yourself and heylo when you purchased your share in your home. It is paid each month in addition to your mortgage payments on the share you own (if you have a mortgage).
As per the terms of your lease, your rent will increase each year with inflation (RPI). We’re currently sending all of our Shared Owners (heylo homeowners) an individual letter, this will set out what your new rent and any other charges will be starting from 1 April 2022.
We recognise that price inflation is a real challenge at the moment. The rent element of our homes increases annually as set out in the lease. If you are struggling to meet your payments or think that you might be in that situation in future, we encourage you to contact us at the earliest opportunity.
We recognise that lots of costs are going up at the moment, and this might be causing a squeeze on finances.
One way to look for cost savings could be to review your mortgage? A first step could be to speak to the broker who arranged your mortgage for you. Alternatively, the three mortgage brokers below all specialise in Shared Ownership and are currently offering a mortgage health check for Heylo customers.
They will be able to review your current situation and look to see if there might be a better mortgage deal available to you, or you might be able to afford to buy a bigger share in your home. This could be particularly useful if you have been on a fixed rate before but are now paying your lender’s standard variable rate.
There is no charge for the review (though the broker may charge a fee or take a commission from the lender if you proceed with a mortgage application with them)
Contact the brokers below, and don’t forget to tell them that you are a heylo customer.