Have any questions? Email us at hello@wayhome.co.uk
Unmortgage Ltd (registered in England and Wales, Company No. 10395239) and its subsidiaries comprise the Unmortgage Group. Our registered office is at 9 Appold St, London EC2A 2AP.
Wayhome is a trading name of the Unmortgage Group.
Unmortgage Arrangers Ltd, a subsidiary of Unmortgage Ltd (registered in England and Wales, Company No. 11842567), is authorised and regulated by the Financial Conduct Authority (Firm Reference Number 838366) for arranging and administering insurance policies only and is also registered as an EMD Agent of Modulr FS Limited (Firm Reference Number 902968). Modulr FS Limited is Authorised and Regulated by the Financial Conduct Authority as an Electronic Money Institution (Firm Reference Number: 900573). Your money is held in a segregated and safeguarded account under e-money regulation.
No other aspect of the Unmortgage Group’s business falls within the scope of financial services regulation. This means you do not have any of protections under the FCA rules and do not have any cover from the Financial Ombudsman Scheme or the Financial Services Compensation Scheme in relation to your interest in an LLP. Customers should ensure they understand what this means before they use the Wayhome product.
For full details relating to our regulatory position please see our Regulatory Information Page.
Wayhome Property Management Ltd, a subsidiary of Unmortgage Ltd, is a member of The Property Redress Scheme (membership number PRS025713), which covers activities in relation to the purchase of the home, the setting up and management of tenancy and the management of maintenance of the home.
Wayhome Nominees Ltd (registered in England and Wales, Company No. 13085562) is a subsidiary of Unmortgage Ltd.
Is Wayhome right for you?
Before we start
Our Property Specialists take over
The problem is lenders aren’t lending much. Probably way less than you expect.
So, how do they work out what to lend you? Well, it’s largely based on your income.
Lenders multiply your total household income by what’s known as a ‘loan to income multiple’.
But the UK average is only 3.53.
The problem with mortgages (and why Wayhome exists)
What we crave from homeownership
Security, control, and safety.
So, nobody can ask you to leave. As long as you keep up with rent, look after your home, and don't breach the contract, you're in control.
You can paint the walls your favourite colour, get pets, put up your favourite pictures, and plant trees in the garden knowing you'll be around to see them grow.
You can make it your own.
Ready to become a homeowner?
*'we' 'us' and 'our' refer to Wayhome and/or their funding partners.
1. Office for National Statistics
2. UK Finance
Is Wayhome better than a mortgage?
That’s the wrong question to ask because it’s incomplete. It doesn’t take into account the type of home you might get with a mortgage.
Try this question—
What's a realistic way to buy the home I want and need?
If you can get a mortgage for a home you love, you should definitely consider it among your options. But, if you can’t make the sacrifices a low mortgage forces you to make, you now have a third option with us.
If you think we might be right for you, head over to our how it works page to read more.
Ready to become a homeowner?
*'we' 'us' and 'our' refer to Wayhome and/or their funding partners.
Have any questions? Email us at hello@wayhome.co.uk
Unmortgage Ltd (registered in England and Wales, Company No. 10395239) and its subsidiaries comprise the Unmortgage Group. Our registered office is at 1 Poultry, London, EC2R 8EJ.
Wayhome is a trading name of the Unmortgage Group.
Unmortgage Arrangers Ltd, a subsidiary of Unmortgage Ltd (registered in England and Wales, Company No. 11842567), is authorised and regulated by the Financial Conduct Authority (Firm Reference Number 838366) for arranging and administering insurance policies only and is also registered as an EMD Agent of Modulr FS Limited (Firm Reference Number 902968). Modulr FS Limited is Authorised and Regulated by the Financial Conduct Authority as an Electronic Money Institution (Firm Reference Number: 900573). Your money is held in a segregated and safeguarded account under e-money regulation.
No other aspect of the Unmortgage Group’s business falls within the scope of financial services regulation. This means you do not have any of protections under the FCA rules and do not have any cover from the Financial Ombudsman Scheme or the Financial Services Compensation Scheme in relation to your interest in an LLP. Customers should ensure they understand what this means before they use the Wayhome product.
For full details relating to our regulatory position please see our Regulatory Information Page.
Wayhome Property Management Ltd, a subsidiary of Unmortgage Ltd, is a member of The Property Redress Scheme (membership number PRS025713), which covers activities in relation to the purchase of the home, the setting up and management of tenancy and the management of maintenance of the home.
Wayhome Nominees Ltd (registered in England and Wales, Company No. 13085562) is a subsidiary of Unmortgage Ltd.
You probably already know it’s hard to get on the property ladder. But, you may not know how bad the situation really is and therefore what options you really have.
We’ll explain the current state of affairs to help you understand whether Wayhome or a mortgage could get you the home you want and need.
If they saved £500 every month, it would take them more than 19 years.
It’s pretty much impossible. And even if it were possible, would house prices stay the same?
What are your choices?
You’re stuck with 2 unsatisfactory options:
1. Rent 100% of a home that works, while you save that impossible deposit
OR
2. Buy 100% of a home that doesn't work with a mortgage
Neither option sounds great does it? Well now there’s a third option.
Take a family of 4 renting a home worth £286,000—that’s the average UK property price.
Let’s also say they earn the average UK household income, £48,000.
Now let’s imagine they want to buy a home worth £286,000 just like the one they can already afford to rent.
They go to a mortgage broker and get the sad news. They can only get a mortgage for £169,440.
An example using average UK figures
What do those numbers look like? Could you realistically save that much deposit?
What it means in reality
Low mortgage quotes mean sacrificing the home you live in, just to be able to own it. Going from renting to owning might mean downsizing.
Rent a 3 bed semi detached house with a garden, buy a 2 bed flat above a shop…
It also might mean moving away from family, friends, local amenities, or the kids’ school. It might even mean moving to a dodgy part of town.
Do this 2 step calculation to get an idea of what kind of deposit you might need to save.
Try it with your finances
Wayhome, the third option
Part buy, part rent…but a home that works for you, your family, and your future.
Let’s bring our fictitious family back to illustrate how we might be able to help. And let’s say they currently pay £1,000 rent a month.
Never pay 100% rent again
Because they bought 5%, they only pay rent on the remaining 95%. So, if that home would typically rent for £1,000 a month, our family would only pay £950.
The £50 saving could be used to buy more of their home the next month, reducing the rent further.
your household income x 3.53 = your mortgage budget
house price - your mortgage budget = deposit you need to save
To buy a £265,000 home with a mortgage that low, they need to save a £116,560 deposit 😢
Our family can already afford to rent that £286,000 home! They just can’t borrow enough money to buy it because of strict lending criteria.
It’s frustrating, it doesn’t really make sense to lots of us, but that’s the situation so many of us are in. And it's why we created Wayhome!
Does this problem affect you too?
Here's the kicker
A real 5% deposit
When you hear about 5% deposit mortgages, what they forget to tell you is that it heavily depends on your income and the 'loan to income' multiple.
With a mortgage, our family would need to save a £95,560 deposit.
But with Wayhome they only need 5% of the actual property value, £13,250.
That’s £82,310 less.
Buy your home while you live in it
The important thing is they now own a home that works for them.
So, instead of paying 100% rent and trying to save £95,560 to buy it with a mortgage (almost impossible!), they’re gradually buying the home they want and need, while they live in it.
And, even though technically they're 95% tenant, from day one they get so much of what people crave about homeownership.
