How It Works
Are you finding traditional mortgages challenging or feel unprepared for one? We have a solution for you!
At SuchHomes, we believe that the traditional mortgage option is outdated and leaves a lot of hardworking and financially solvent people out of homeownership, so our aim is to provide an easier and quicker option towards homeownership.
With our scheme, you can rent your Preferred Home now, and save to purchase it while building an increasing share of the capital value of the property, thus avoiding the stress of living in someone else's space, saving for years towards a home that you may never be able to buy as its price increases and postponing your family and life plans.
Our Process
1
Pre-qualify for our scheme
You tell us a bit more about you and your financial background so we can give you an idea of what you can afford to buy. This is non-binding, and doesn’t imprint on your credit score.
2
Find your Preferred Home
We give you a budget and then you can search for your Preferred Home through your estate agent.
3
Complete your application
After choosing your Preferred Home, you will refresh and complete your pre-qualification information with specific details about you, your financial background and Preferred Home so that we get you qualified. Our review at this stage will include a credit check.
4
We purchase your Preferred Home
Once you have found your Preferred Home, we work with your estate agent to purchase it and cover all costs, stamp duty tax (SDLT), insurance and other associated costs.
You pay a Reservation Deposit to the estate agent to secure your offer after it is made, and a Product Fee to us.
You will also contribute an Initial Principal Savings of at least 3% of the Purchase Price to us, which will be held and ring-fenced in a Tenant Deposit Scheme or similar, and go towards the purchase of your home at the end of our agreement.
5
Move in and grow your Initial Principal Savings
Settle into your new home, enjoying the privileges of a homeowner while you increase your Initial Principal Savings through equal monthly payments in addition to your rent payments.
The monthly savings payments will be added to your ring-fenced Initial Principal Savings in the Tenant Deposit Scheme.
6
Buy your home or walk away with your increased deposit
Our scheme is devised to enable you to be mortgage-worthy by the end of the agreement in 5 years, at which point you will have 10% of the initial Purchase Price of the home.
At the point of purchase from us, we grant you a share of the capital appreciation of home in addition to your 10% deposit to guarantee you a minimum 12% of the home price. For example, if the price of the home was £300,000 at the start of the lease, and £330,000 at the end of the lease, then we will add £9,600 to your existing deposit of £30,000 to guarantee the minimum 12% of the home price at the end of the lease.
Second thoughts about the scheme? No worries, you can exercise a break option after 3 years, and collect your accumulated savings, net of any admin costs incurred in ending our agreement.
Why choose our product?
Choose our product and enjoy living in your dream home while saving towards ownership, leveraging the property's value appreciation through your SPV's capital share and avoiding the challenges of a constantly rising market that may outpace your savings.
Enjoy the perks of a homeowner - making yourself fully at home by mounting pictures on the wall, carrying out landscaping, gardening and minor capex works in your Preferred Home – while being a tenant in our
scheme. You avoid the feeling of being a temporary inhabitant of rented accommodation.
You get to focus on the things that really matter to you like building a strong and well-adjusted family or life in a relaxing and conducive environment that is suited for mental health, growth and peace of mind.
You benefit from any capital appreciation of your Preferred Home while you are living in it and upon a successful exit of the scheme, your share goes towards your deposit for future financing.