How It Works
Find the traditional mortgage onerous or not quite prepared for one? We might be able to help!
At SuchHomes, we believe that the traditional mortgage option is outdated and leaves a lot of hardworking and financially solvent people out of homeownership, so our aim is to provide an easier and quicker option towards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.
Our scheme allows you to rent your Preferred Home now, and save to buy 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 so you can comfortably find a Preferred Home that you can afford.
3
Complete your application
After choosing your Preferred Home, you will complete your application with specific details about you, your finances 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 pay rent and save towards a deposit.
Your monthly deposit savings and a share (equal to the % contributed towards your Initial Principal Savings) of your rent 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 at least 10% of the initial Purchase Price of the home.
At the point of purchase from us, we grant you a share of the home value growth in addition to your deposit contributions to guarantee you at least 12% of the home price.
For example, if the home cost £300,000 at lease start, and £330,000 at lease end, then we will add £9,600 to your existing deposit of £30,000 to guarantee a 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?
Accessible Entry Point
Attain homeownership via access to homes up to 13x gross income with low initial deposit requirements.
Structured & Accelerated Savings Plan
Part of your rent payment is added to your monthly savings and Initial Principal Savings, accelerating deposit accumulation.
Capital Appreciation Benefit
You share in the growth of your home value during your lease, which boosts your exit deposit and enhancing your purchasing power.
Build Your Credit
We report your rent payments to the credit ratings agencies to improve your credit score.
Transparency and Control
Our platform offers real-time updates on your route to homeownership via tenant dashboards and post notifications on conveyancing updates.
Guaranteed Exit Deposit
You are guaranteed a min. 12% market-leading exit deposit at lease end, from your rent & savings contributions and share in home value growth.
Homeowner Security and Stability
You are guaranteed a min. 12% market-leading exit deposit at lease end, from your rent & savings contributions and share in home value growth.
