Wayhome's Gradual Homeownership is a part buy, part rent scheme. Instead of having to afford the whole property, you will purchase a share of the property and pay rent on the rest. You can choose to buy more of the property each month or in lump sums when you're ready.
This scheme is a great alternative to renting, as you may be able to part-own a property similar to what you're currently living in. But over time, you'll build up equity in the home instead of just paying your landlord's mortgage.
To see if you're eligible, create a free Tembo plan for a personalised recommendation.
Not every mortgage is for everyone. Here’s some things you should know before applying.
Buy a home worth up to 10x your income
As long as you meet Wayhome's affordability criteria, you could purchase a share of a property worth 10x your income. For example, if your income was £40,000, this could mean you could buy a share in a property worth £400,000.
Get on ladder with as little as 5% deposit
You only need a 5% deposit to get started with Wayhome's scheme, which should be at least £7,500. Because you'll only own 5% of the property, this also means you'll only pay 5% of costs like Stamp Duty too.
Live debt-free and avoid paying interest
As long as you have enough cash to purchase at least 5% of the property up front, you can live mortgage free by paying rent on the portion of the property you don't own. If you don't want to buy more of the property, you don't have to.
You'll benefit from any increase in value
If the property's value has increased over time, when it comes to selling you'll benefit from the increased value of the share you bought.
You must earn at least £24,000
To qualify for Wayhome's scheme, you must have a minimum household income of £24,000 (before tax).
The property must meet Wayhome's requirements
The property you choose must meet Wayhome's requirements to qualify. You cannot use the scheme with new builds, homes in need of structural renovations or buy-to-let properties.
The amount of rent you pay could change
Once a year your rent goes up at the rate of inflation which is set by the government. However, your rent can also go down when you buy more of your home.
Self-employed applicants need to provide 1-3 years of accounts
If you're self-employed, you'll need to supply between 1-3 years worth of accounts in order to verify your income.
Get into your very own home in 4 simple steps
In under 10-minutes, we’ll check your eligibility for Wayhome's Gradual Homeownership, as well as our other buying schemes. Plus, you’ll get a personalised recommendation including interest rates and repayments.
Book a call with our mortgage experts to start the qualification process and cover any questions you might have. If you want to move ahead, we'll introduce you to your account manager from Wayhome.
Wayhome will arrange a decision in principle for you to confirm your final budget, and then it’s time to find a home! You'll need to ensure the property you choose meets their requirements, but your account manager will be on hand to support you throughout the search.
Once you’ve found a property, your Wayhome account manager will work with you and your chosen conveyancer to purchase the home outright.
Explore our other buying schemes to see alternative ways to get on the ladder
On your own
Purchase a new build home from a participating home builder with just a 5% deposit.See details
With a guarantor
Add some or all of a loved one’s earnings to your mortgage application as a guarantor to boost your budgetSee details
Unlock money from a loved one’s property to gift to you as part of or all of your house depositSee details
Confused about mortgages? Read our guides for expert tips on saving, buying and the market.
You can be snug in your very own home in 4 simple steps