Your Home - is it for real?

bettylou

We are currently in a shared ownership property and need to upgrade as we need an extra bedroom due to kids getting older.
I personally prefer older properties but with Shared Ownership we have found ourselves in a new build resale.
We have now become aware of ‘Your Home’ and I wondered if anyone had any experience of it? I’m not great with figures but it seems an appealing options, giving the freedom to purchase an older property that would still be out of our price range if we wanted to purchase the whole thing at market value.
I wondered if it is for real and any potential pitfalls.
Thanks so much

Simby

Company behind them is a private firm Heylo.

Your home appears to be a joint venture with various local authorities.

so yes it seems to be real, but make sure you ask lots of questions covering different scenarios.

Rent on the portion they own, increases, selling process , equity allocation who gets what..fees for other things e.g staircasing.

bettylou

Thank you, worth getting more info on then for sure

diggingdude

I have noticed this scheme appearing all over Facebook the last few days on money saving type pages by accounts recently set up. Not saying it's not legit, just questioning why this is suddenly appearing

bettylou

I can’t get my head around the repayments vs a standard mortgage

cjv

Had a quick look at their website, the rent on the the share you don't own seems to be 4.89% increasing with RPI plus 0.75%

This is more expensive than Shared Ownership, the property I am buying will be 2.75% increasing with RPI plus 0.5%, but you would also be paying a Mortgage.

This part seems interesting:

"Plus with Your Home you will be entitled to 75% of any value increase on the share you didn't buy which is additional value that you or your family will be able to access in the future."

With shared ownership you only benefit from the increase on your share.

On the face of it it looks like a useful scheme, but I would want to delve a lot deeper into the details before considering it.

More info here:

http://www.yourhome.org.uk/

bettylou

Thank you, the comparison with what you are paying is really useful. I expected it could be a bit more expensive due to the flexibility it gives relating to the actual property. Still worth getting some more information....

00ec25

you seem to have missed the search function option on here, I'll save you the trouble:

asking questions about this company seems very popular amongst newbies, however, few ever come back to say what they found or then did themselves... and with the exception of someone who posted just before the company themselves posted on here (and were removed for breaching forum rules) no one else admits to having completed with them

https://forums.moneysavingexpert.com/discussion/5523697/your-home-shared-ownership&highlight=heylo

https://forums.moneysavingexpert.com/discussion/5517266/shared-ownership-housing-heylo&highlight=heylo

https://forums.moneysavingexpert.com/discussion/529961/1st-time-buyer-estate-agents&highlight=heylo

https://forums.moneysavingexpert.com/discussion/5993889/heylo&highlight=heylo

https://forums.moneysavingexpert.com/discussion/5785322/private-shared-ownership-heylo-your-home&highlight=heylo

https://forums.moneysavingexpert.com/discussion/5540318/heylo-housing&highlight=heylo