Jrny is pleased to announce another key partner joining our closed trial, Finanze Property. The mortgage firm, based in London, joins Affinity Mortgages, Manchester Money and South Yorkshire Money, who all have access to Jrny’s rent-to-own plan as a unique and innovative alternative to traditional homeownership.
Jrny is addressing the growing housing crisis in the U.K., which is preventing many young adults from getting on the property ladder, with their Jrny Plan, which allows tenants to unlock home equity over time, gradually preparing them for outright ownership.
The plan allows aspiring homeowners find and move into their dream home with just a 2% contribution, similar to a deposit, and build 10%equity over 8 years. During the lease, customers become tenants where they pay rent plus buy 1% equity in the home each year at a fixed price. Customers gradually build up to a 10% equity stake at the end of the tenure which can be used as a deposit to buy the home or cashed out at full market value.
Alastair Hoyne, CEO of Finanze Group, said “we are already known for creating innovative property finance solutions for professional property investors, but Jrny have taken things a step further creating a real opportunity to help first time buyers get on the property ladder with their innovative solution to facilitate homeownership – which comes at the most opportune time given the cost-of-living crisis and lack of supply. We are therefore very proud to support them in this initiative and look forward to growing our businesses side by side.”
Nick, one of the co-founders, said “At Jrny, we believe that finding the right partner is key to achieving our mission of making homeownership more accessible. We're thrilled to be partnering with Finanze Property, whose team shares our passion for empowering aspiring homebuyers to become homeowners. With Finanze’s innovative spirit supporting Jrny’s plan, we're confident that together we can address the pain-points that renters face and provide a better path towards homeownership for many more people”.
Following the onboarding of the Finanze Property mortgage advisers, Khalid Ichaoui said “we're thrilled to be partnering with Finanze Property. We've heard directly from their advisers about the countless buyers who are locked out of the mortgage market, and we're determined to help change that. With our innovative Jrny Plan and Finanze Property's expertise, we're confident that we can provide a better path towards homeownership for those who have been overlooked by traditional lenders.”
Although the length of the plan is up to 8 years, Jrny offers a great deal of flexibility after the 2-year mark. Aspiring homeowners can buy the home earlier, whenever they can access a mortgage, or cash out the equity without penalty. The price of buying additional equity during the 8-yearterm is fixed, offering aspiring homeowners security and peace of mind throughout the lifetime of the lease.