Wayhome to buy a house

[AutumnBlu]

Hi all,

Has anyone heard of or used this company Wayhome to buy a house? They were previously called unmortgage. www.wayhome.co.uk/

For context I live in London with a dp and young child in a council flat and have terribly loud upstairs neighbours (council can not help with this as it is the child creating the noise).

It’s affecting us all (especially my mental health) so we would really like to buy a house to live in now.
We don’t have huge salaries or have a big deposit (have 10k saved).

After lots of searching online, I found this company but can’t find any reviews so not sure if it’s a good idea. Would love to hear anyone’s opinions on this and my situation.

Thank you!

They seem to allow you to buy a very small portion of the property- i would dig down into exactly how much the rent is on their portion, whether there are limits as to how much this can increase by, what costs are involved in buying % of the property etc.
Shared Ownership schemes can really help people but you have to be 100% aware of what you are signing up to, especially so as in a council flat i assume you have a very secure tenancy, and one of the big advantage to even part-owning is the security

Thanks for replying, a lot of the properties I’ve seen the rent is around £1300 and the agreement to stay in the property seems stable. But I don’t know if it’s too good to be true if you know what I mean.

I do have a secure tenancy in my current flat but the issue with neighbours has recently escalated (neighbour was physically violent to my partner) so we really can’t stay here. The council are very unbothered by this and even the police.

It’s really getting to me living here, private rentals are scarce and a lot of them say no children even in family type homes so I’m at a loss.

It isn’t too good to be true: it’s a very expensive way to eventually own a home, and there are lots of catches and clauses: www.which.co.uk/news/2019/08/new-scheme-offers-mortgage-free-homeownership-to-first-time-buyers/ (the Unmortgage terms still apply)

If you only have £10,000 saved then you don’t have anywhere near enough to cover the deposit, fees and (investor level) stamp duty owed; and if you have a low household income then you very likely won’t meet the criteria of the repayment / rent being maximum a third of your total monthly income.

Shared ownership is a better option to look into; or trying to find a mutual exchange of transfer to another rented social housing property.

Following due to interest

Shared Ownership is probably a better option tha. This

Can you apply for a transfer from your current flat to another council flat? I’d be very reluctant, if I was you, to give up a council tenancy. You obviously have a very low income and even if you could buy a place, the additional costs of owning a property might floor you. Explore all your options with the council first. Best of luck!

I did read that some councils are offering money to some tenants willing to give up their tenancies. Maybe you could enquire at your council. If so would have more money to go toward a deposit with shared home ownership who have cheaper rent percentage.

Hi AutumnBlu,

Not sure how long ago this was, just wondering if you went ahwad with this?

Ive recently come across this myself, in a similar sistuation as you... finance situation not great, but Alhamdulillah greatful for everything i have.

Living with in laws ever since marriage and it just too hard now, so looking for a way out :(

If we rent never be able to buy, and with children im sure any parent would want more stability and security...

So came across this wayhome thing and just thinking oooo atm... not sure if its something trustworthy or Legit.