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Shared Ownership via Heylo’s ‘Your Home’ Scheme

Put simply the ‘Your Home’ scheme provides buyers the opportunity to purchase any freehold property which is more than one year old through part buy – part rent. This means that properties, already for sale on the open market, can be purchased through the Your Home scheme.

Who is eligible to apply?

The eligibility criteria is designed to help as many people as possible. As long as you are buying a freehold property available on the second-hand

market, and you plan to live in it as your main and only residence you may qualify for the scheme. You must be a British or EU citizen or have indefinite rights to remain in the UK. You can be a first-time buyer, or a current homeowner looking to move. The scheme can be just the foot up needed if you want to break out of the renting cycle. There is no upper-age limit.

To use the Your Home scheme, you will be asked to show that you are financially able, to not only purchase your share of the property, but also to maintain the rent on the unsold share. For this, a good credit history and a regular household income is required. When it comes to determining a deposit to put down to purchase the home, please note that a sufficient cash deposit of at least 25% of the full market value is needed to secure the property. The property selected must be of a traditional construction, up to value of £600,000.

Example of a purchase via the ‘Your Home’ Scheme

Full property purchase price £250,000
Cash deposit @ 25% £62,500
Further share purchase via mortgage @ 35% £87,500
Total share purchased @ 60% £150,000
You pay rent on the remaining 40% share  

How it Works…the basic details

  • Find a Freehold property that you love (has had previous owner).
  • There is a maximum home purchase price of £600,000
  • You will need a cash deposit of at least 25% of the full market value of the property.
  • You can add to your deposit if you wish and purchase a greater share of the property through a mortgage application (not a requirement).
  • You pay a monthly rent on the part of the property that you don’t buy.
  • In time, you have the right to buy more – or all – of the property. (If the property has gone up in value, you will be entitled to a discount on your share purchase of 50% of the value increase).
  • In the future, if you sell the property, you will be entitled to the full value of the share you bought. (In addition, you will receive 50% of the value increase on the share you didn’t initially buy).

Next Steps

  • Speak to Prospect Mortgage Services (Heylo’s exclusive Broker partner on the Isle of Wight) who will undertake an affordability assessment with you.
  • Prospect will provide you with a Mortgage Decision in Principle and a Your Home Agreement in Principle. Together with your deposit this will make up your full affordability assessment.
  • Find your dream property and let the Estate Agent know that you will be purchasing via the Your Home scheme.
  • Prospect Mortgage Services will liaise with all parties on your behalf and undertake the mortgage and Your Home applications for you.
  • Get the keys and enjoy your new home.


Your home may be repossessed if you do not keep up repayments on your mortgage

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