Unmortgage Scheme Has Rebranded And Is Now Known As ‘Wayhome’

Last month I wrote about Unmortgage, a scheme designed to help first time buyers to purchase their own homes without the need for a mortgage.

Unmortgage has since had a rebrand and is now known as ‘Wayhome’.

The change was implemented after research suggested the company’s original name caused confusion.

The Wayhome website explains: “For the last 3 years we went by the name ‘Unmortgage’.

“But, our name was proving confusing and it didn’t tell the whole story.

“Unmortgage only referred to the financial part of how we help, which doesn’t even involve a mortgage. And, our old name never reflected the other side of what we do. After arranging the finances we also take on all the stressful, time consuming things like chasing solicitors and analysing property surveys. Then, after you move in we’re still there to help. It’s your home but if the boiler needs replacing, let us know.”

The scheme allows first time buyers to purchase a home without the need for a large deposit or a traditional mortgage. Buyers must save a deposit of at least 5% of the property’s value (the deposit must be £12,500 or more), and then Wayhome’s investors will step in and pay for the rest of the home.

Once the buyer has moved into the property, they pay ‘rent’ on the percentage of the property’s value they have not yet paid for. Rent is calculated based on average rental costs for similar properties in the area, so if it would usually cost £1,000 a month to rent the property in question and the buyer paid a 10% deposit, they’ll pay £900 a month rent to Wayfair’s investors.

In order to gain full ownership of the property, the buyer must make ‘top up’ payments in addition to their rental payments. The top up payments work in a similar way to mortgage overpayments in that they can be paid as a monthly direct debit or the occasional lump sum.

Hugh Boyle, CEO of Wayhome, said: “Changing our name as the first step of our rebrand has been on the cards for nearly a year now, and we’re delighted to finally present Wayhome to the UK.

“There is a homeownership crisis across the country, with millions of aspiring homeowners feeling trapped in rented accommodation. At Wayhome, we fundamentally believe that if you can afford to rent, you should be able to buy.”

“In conjunction with our partners at AllianzGI, with our purpose more clearly expressed, we’re looking forward to continuing our mission to help both new and existing applicants get nearer to their dream of homeownership.”

To learn more about buying your first home, take a look at Can’t Swing a Cat’s first time buyer blog section.