Wayhome, any feedback on them?

Leeamc

hi all

looking at buying a home, currently been in private renting over the last 8 years, but now looking to buy somewhere, the problem is paying rent and saving a big enough deposit around the London area is hard!

i have come across wayhome, something slightly different to part rent part buy!, does anyone have any infomation on them or feedback? all information online looks ok, but thought i would ask here aswell

cheers

canaldumidi

This?

https://www.wayhome.co.uk/

See

https://www.which.co.uk/news/2019/08/new-scheme-offers-mortgage-free-homeownership-to-first-time-buyers/

https://forums.moneysavingexpert.com/discussion/5546510/unmortgage

https://intercom.help/wayhomefaqs/en/articles/5739725-is-wayhome-regulated

Leeamc

thats great thankyou, didnt know that was called that before hand yes its wayhome,

Leeamc

as i thought it sounds too good to be true!! think i will give this a skip....

user1977

Not that it'll change your mind, but we have discussed them before (under their previous brand name "Unmortgage"):

https://forums.moneysavingexpert.com/discussion/5591315/unmortgage-com-anyone-used/p1

https://forums.moneysavingexpert.com/discussion/5546510/unmortgage/p1

vreemt

Hi, also looking for info. Their current site answers the maintenance costs discussion from the older threads - short answer: you pay the relevant % of maintenance costs, with a few exceptions.

The threads listed have both positive and negative points and IMO most negatives were addressed in one way or another.

The which article from 2019 is a little out of date, as they seem to have properties in more areas now and stair-casing works a little different. From my investigation & conversations, you can increase your monthly payments with a _minimum_ of £50, though there is still a max of owning 40%, at which point your "buy out" costs depend on whether or not you're in a pre-specified "early buy out" period (5-10 years).

Their site seems to suggest they don't cover M18 in Manchester, but they recently purchased a property with an M18 postcode, so even if the map/"rules" say they don't cover a specific property, it seems to be worth a chat.

I did find it rather frustrating when I signed up, as I went through the soft credit check thing, then was asked to sign up with a new account to get my partner included. This means I'd need to repeat the credit check again (only a soft check, so not much worry there), but I suspect my partner won't pass their credit check as neither TransUnion, Equifax nor Experian can currently verify his identity online...

Anyway, any experience with Wayhome is appreciated.

I'll try and remember to update with my experiences, so far it's been pretty reassuring and seems rather promising.

Thanks, Sandra.

Testcase

Wayhome sounds great but perhaps a bit too good to be true.  I think I'll give it a miss.