The scheme helps people buy a home worth up to ten times their household income, completely mortgage-free, with a minimum 5% deposit.
The buyer purchases the share of the home they can afford with their deposit alongside Wayhome's funding partners who provide the balance without the need for a mortgage. Rent is paid to Wayhome on the remaining share. Over time, the buyer can gradually increase their ownership percentage and reduce the amount of rent they pay.
James Codling, Managing Partner at Volution said: ‘Wayhome’s innovative scheme gives hope to first time buyers, offering them an affordable route onto the property ladder. This has become especially important since the government’s Help to Buy scheme ended in October 2022. It’s great to see Wayhome recognised in the media as a key market player and we look forward to their continued success in what is a very challenging macro environment for first time buyers.'