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Wayhome Raises £8m in Series A Funding Round
Wayhome vs. Shared Ownership
Wayhome
Shared Ownership
Buy without a mortgage
No brand new builds
Avoid high service charges
Only pay for your share of the buying costs
No fees to buy more of your home
You don’t have to be a first-time buyer
Buy more of your home whenever you want to, from as little as £50
Most maintenance costs split by how much you own
No rules about who you can sell to
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 the 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.
It’s easy to confuse us with Shared Ownership, but we’re actually very different.
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Meet the Payne family
They bought their home using Gradual Homeownership.
Nigel Purves, Wayhome CEO Says,
“We are delighted to continue to be in partnership with such eminent investors as Allianz X and Augmentum and to be working with game-changing new investors too.
Due to the way that the Gradual Homeownership model works, the rising interest rates seen since September’s controversial mini-budget have delivered even greater demand for our product. With the recent ending of the Help to Buy scheme there are now hundreds of thousands of would-be homeowners seeking alternative ways to access the property ladder.
This significant raise will fuel our ambitions to double the pace at which we can help new homeowners within 12 months.
Homebuying has been somewhat traditional for centuries. Our alternative is the best of all worlds as a part buy, part rent proposition that allows our customer to buy their ideal home, in their ideal location, today without waiting for years.”
1
They pay for their share with their deposit.
We pay for the rest.
2
The house is paid for in full.
So they don’t need a mortgage.
3
They own the bit they bought.
They pay rent for the rest.
4
The home is theirs to make their own.
Nobody can ask them to leave.
5
Buy more each month or in lump sums.
The more they buy, the less rent they pay.
How people buy a home with our help
Nigel Purves, Wayhome CEO Says,
How people buy a home with our help
Wayhome, the Gradual Homeownership provider, announced that they have closed a Series A equity funding round of £8m.
Led by existing investors Allianz X (Stripe, WeLab, CLARK), Augmentum Fintech (interactive investor, Tide, Zopa) and new funders Volution, Love Ventures and Cur8 Capital, the monies raised will provide cash runway to break even point as Wayhome continues to disrupt the conventional home buying space with their unique Gradual Homeownership model.
Part of this strategy will be to forge further partnerships with mortgage brokers and lenders in the coming months as an important part of Wayhome’s continuing growth and expansion.
Wayhome currently boast an annual rate of £100m deployed in customer property purchases and intend that the raise will assist the leadership team in doubling this to £200m per year within 12 months.
“It's never been harder to buy a home, but Wayhome is shifting the paradigm with its business model. It is a prime example of creating positive social impact whilst also delivering returns.”
Johannes Walder, of Allianz X adds,
Tim Levene, CEO of Augmentum Fintech adds,
“As an early supporter of Wayhome, Augmentum has long believed in the huge potential of Gradual Homeownership in the UK market.
The traction achieved by the team since launching in September 2021 has validated the technology platform and business model, as well as the scale of the opportunity ahead.
With the closing of this round Wayhome enter their next phase of growth, remaining on track to become a category-defining company in European Fintech.”
James Codling, Managing Partner of Volution adds,
“We're proud to support Nigel and the Wayhome team on their mission to expand access to homeownership.
Wayhome is a game-changer for those looking to get on the housing ladder, and we're excited to help them achieve their ambitious growth plans.”
Wayhome Press Releases
Johannes Walder, of Allianz X adds,
Tim Levene, CEO of Augmentum Fintech adds,
James Codling, Managing Partner of Volution adds,
Wayhome, the Gradual Homeownership disruptor, raises £8m Series A
27th April 2023
