The new way to buy, without a mortgage
Why it’s harder than ever to buy a home
Lenders, on average, loan first-time buyers 3.541 times their household income. With the average price of a home in the UK at £250,0002, there’s a big gap to fill…
| Cost of the home | Deposit you need |
|---|---|
| £250,000 | £80,080 |
| £300,000 | £130,080 |
| £350,000 | £180,080 |
| £400,000 | £230,080 |
| £450,000 | £280,080 |
| £500,000 | £330,080 |
*based on 3.54x multiple
Here’s what it might look like, if you have the UK average household income of £48,0003 and you could get a mortgage of £169,920*
Without a large income or a huge deposit, you’re forced to sacrifice.
You might carry on renting for the foreseeable future, or make big compromises on the kind of home you buy. It could mean moving away from your family, friends and the area you know and love.
But don’t worry, there’s still hope. We’ve created a brand new way to buy, where you don’t need a mortgage at all.
We call it Gradual Homeownership.
Find the right home
Buy the home you actually need, in the area you want to live in.
There’s no mortgage, so you aren’t limited by how much you can borrow.
Increased buying power
Your deposit goes further. Buy a home worth up to 6 to 8 times your household income.
Start buying today
Got any questions? Check out our FAQs
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.
Key benefits of Gradual Homeownership
How we help you buy a home
In short, nobody lends you any money.
Instead of lending you money, we* buy the home with you, in cash.
If you pay for 5%, we pay for 95%.
You own the part you buy and pay rent to us* on the part you don’t own yet.
Over time, buy more of your home whenever you want to. The more you buy, the less rent you pay.
To buy with us you’ll need:
£29,000 minimum household income
5% deposit
How Gradual Homeownership works
For example, if you buy 5%, we pay for the other 95%.
Buy what you can afford, we pay for the rest
See what you could afford without a mortgage
*'we' 'us' and 'our' refer to Wayhome and/or their funding partners.
The homes
Swipe through for a sneak peek of the homes. Sign up to see which ones we could help you buy!
Hundreds of homes added each week
The homes
Swipe through for a sneak peek of the homes. Sign up to see which ones we could help you buy!
X new homes added daily
Featured in
The homes
Swipe through for a sneak peek of the homes. Sign up to see which ones we could help you buy!
Hundreds of homes added each week
Got any questions?
Gradual Homeownership vs other schemes
| Gradual Home ownership | Shared Ownership | Help to Buy Equity Loan | |
|---|---|---|---|
| Buy without a mortgage or loan |  |
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| Homes with established value (i.e. no brand new builds) | |
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| Avoid high service charges | |
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| Only pay for your share of the buying costs (e.g. Stamp Duty) | |
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| No fees to buy more of your home | |
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| Buy more whenever you want to, from as little as £50 | |
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| Interest free product | |
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| Only pay for your share of the selling costs (e.g. estate agent fees) | |
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| Open to all kinds of people, not just first-time buyers | |
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| Buy without approval from a government Help to Buy agent | |
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| Your home buying budget is the same across all regions | |
|
| Gradual Homeownership | Shared Ownership | Help to Buy Equity Loan | |
|---|---|---|---|
| Buy without a mortgage or loan | |
|
|
| Homes with established value (i.e. no brand new builds) | |
|
|
| Avoid high service charges | |
|
|
| Only pay for your share of the buying costs (e.g. Stamp Duty) | |
|
|
| No fees to buy more of your home | |
|
|
| Buy more whenever you want to, from as little as £50 | |
|
|
| Interest free product | |
|
|
| Only pay for your share of the selling costs (e.g. estate agent fees) | |
|
|
| Open to all kinds of people, not just first-time buyers | |
|
|
| Buy without approval from a government Help to Buy agent | |
|
|
| Your home buying budget is the same across all regions | |
|
|
Gradual Homeownership vs other schemes
| Gradual Home ownership | Shared Ownership | Help to Buy Equity Loan | |
|---|---|---|---|
| Buy without a mortgage or loan | |
|
|
| Homes with established value (i.e. no brand new builds) | |
|
|
| Avoid high service charges | |
|
|
| Only pay for your share of the buying costs (e.g. Stamp Duty) | |
|
|
| No fees to buy more of your home | |
|
|
| Buy more whenever you want to, from as little as £50 | |
|
|
| Interest free product | |
|
|
| Only pay for your share of the selling costs (e.g. estate agent fees) | |
|
|
| Open to all kinds of people, not just first-time buyers | |
|
|
| Buy without approval from a government Help to Buy agent | |
|
|
| Your home buying budget is the same across all regions | |
|
| Gradual Homeownership | Shared Ownership | Help to Buy Equity Loan | |
|---|---|---|---|
| Buy without a mortgage or loan | |
|
|
| Homes with established value (i.e. no brand new builds) | |
|
|
| Avoid high service charges | |
|
|
| Only pay for your share of the buying costs (e.g. Stamp Duty) | |
|
|
| No fees to buy more of your home | |
|
|
| Buy more whenever you want to, from as little as £50 | |
|
|
| Interest free product | |
|
|
| Only pay for your share of the selling costs (e.g. estate agent fees) | |
|
|
| Open to all kinds of people, not just first-time buyers | |
|
|
| Buy without approval from a government Help to Buy agent | |
|
|
| Your home buying budget is the same across all regions | |
|
|
Wayhome's
Stamp Duty Holiday
We've extended the Stamp Duty holiday until the 16th of December 2021!*
It means you could save up to thousands of pounds when you buy a home with our help.
To take advantage of this limited time offer, here's what you need to do:
Sign up and see some homes with us
Start an application
Book and go on viewings
Fall in love with a home and we'll help you make an offer
Offer accepted before the 16th of December?
You save paying Stamp Duty on completion! 🎉
Don't miss out before the extended Stamp Duty Holiday ends. Just sign up to get started.
Wayhome's Stamp Duty Holiday
Get a £1,000 deposit boost!
Get a deposit boost of £1,000 when you buy a home with our help!*
You just need to get an offer accepted on a home before the 16th of December!
To take advantage of this limited time offer, here's what you need to do:
Sign up and see some homes with us
Start an application
Book and go on viewings
Fall in love with a home and we'll help you make an offer
Offer accepted before the 16th of December?
We'll contribute £1,000 to your deposit!* 🎉
Don't miss out! Just sign up to get started.
Get a £1,000 deposit boost!
Get a £1,000 deposit boost!
Get a deposit boost of £1,000 when you buy a home with our help!*
You just need to get an offer accepted on a home before the 16th of December!
To take advantage of this limited time offer, here's what you need to do:
Sign up and see some homes with us
Start an application
Book and go on viewings
Fall in love with a home and we'll help you make an offer
Offer accepted before the 16th of December?
We'll contribute £1,000 to your deposit!* 🎉
Don't miss out! Just sign up to get started.
Get a £1,000 deposit boost!
Hear from our homeowners
"We've been able to skip the smaller homes, and the different moves, and get straight into the right home for us as a family"
"Buying with Gradual Homeownership took the pressure off trying to save an even bigger deposit because we could already afford the home we really wanted"
"At the end of the day, the biggest thing was being able to make the move now. No more waiting around or hoping this day will happen. We've done it!"
"Without Wayhome, our options would've been pretty limited in all honesty. We'd have either rented for the foreseeable, or settled for a smaller home.
Either way, we'd have probably ended up moving again and again in the hope we eventually bought the kind of home we're already in"
"Buying with Wayhome's help means we don't have to think about moving for a long time!"
We hated the idea of having to move our lives between one home and the next. It honestly feels great to know we're in control of how long we're here for and that we don't get asked to move when it suits someone else."
"Finally owning our own home means our kids can grow up in a family home, not somebody else's. And for us, the big win is putting down roots in an area we know and love"
Quotes
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Meet Enzo and his family
They bought their home using Gradual Homeownership from Wayhome.
Before they found us, they were living with family to help build up their deposit.
But they were ready to finally get a home of their own that their kids could grow up in.
They did all the sensible things like reading up on the different options out there and seeing what they could afford.
However, they didn't have much luck.
Despite earning good incomes, they couldn't get a big enough mortgage for the four bedroom house they really wanted.
That's where we come into their story.
Having found Wayhome when looking at new ways to buy, they got their homeownership search started with us.
After viewing a few homes, they soon found just what they'd been looking for. A four bedroom house with a garden that their sons could play football in.
After helping them make an offer, they moved in to their new home at the end of September. They're now looking forward to their first Christmas in a home of their own!
Call to action
Copy to go here
Hear from one of our homeowners
Before they found us, they were renting and were struggling to buy that 3-bed home they really wanted.
They did all the sensible things like reading up on the different options out there and seeing what they could afford.
However, they didn't have much luck.
Despite earning good incomes, they couldn't get a big enough mortgage to make their ideal move a reality.
“We had a really nasty shock when we realised how little most high street lenders would be prepared to lend us given the size of our deposit.
It really opened my eyes to just how unfair the mortgage system is."
That's where we come into their story.
Having found Wayhome when looking at new ways to buy, they got their homeownership search started with us.
After viewing a few homes, they soon found just what they'd been looking for. A 3-bed house in the area they know and love.
After helping them make an offer, they moved in to their new family home in time for Christmas.
Can we help you too?
Start your search with us by signing up and seeing what you could afford with Gradual Homeownership.
“For anyone who has good credit, reasonable household income but not a big enough deposit, this is the perfect route to getting on the ladder.
It was important for us to own our home and have that sense of security, and we treat our staircasing payments just as we would a mortgage.”
Meet the Payne family
They bought their home using Gradual Homeownership.
Featured in
Gradual Homeownership uses the Islamic structures of Diminishing Musharakah and Ijarah
Gradual Homeownership as a Shariah compliant option
Diminishing Musharakah is where a funder (that's us) and their customer (that's you) buy and own an asset (a home) together. The asset is then gradually sold by the funder to the customer.
Ijarah refers to part of the home you aren't buying, which you pay rent on. As you buy more of your home, your rent comes down because you own more.
We're certified as Shariah compliant by Mufti Faraz Adam of Amanah Advisors
Amanah Advisors certified Gradual Homeownership as a Shariah compliant option in April 2021. They carry out regular Shariah reviews and audits to make sure that we remain Shariah compliant.
If there's any update or change to Gradual Homeownership, it must be reviewed and certified by Amanah Advisors before it's introduced.
You don't need a mortgage because we buy the home with you. If you buy 5%, we pay for the remaining 95%.
There's no mortgage to pay as we own the home together.
There's no interest (Riba) or debt.
We don't lend you any money to buy a home so there's no debt to pay and there's no interest applied.
We also don't charge you any fees when you buy with our help.
We get our money from well established organisations like pension schemes.
Through Wayhome, they're able to invest in residential homes and help people like you get onto the housing ladder.
The rent you pay gives them a long term, low volatile steady return and helps them pay for things like pensioners’ retirements.
Another key difference between us and Islamic mortgages is that there's no 'rental rate'.
Instead, our expert property valuation team work out your rent by comparing similar homes in the same area.
Remember, you only pay rent on the part of the home you don’t own yet. If you own 5% of a home and the rent would normally be £1000 per month, you only pay 95% of the rent. In this example, that’s £950 per month.
The rent you pay is calculated using local market rates
Buildings insurance is a common requirement for most other home buying schemes such as Islamic mortgages.
To protect our interests we also get buildings insurance that covers all of the homes we buy. The policy is in our name and we pay the premiums to the insurer. This means you don't pay for the insurance directly and you're not named as the policy holder.
We also don't make you take out contents insurance. However, you may want to consider options like Islamic Insurance (Takaful).
You don't pay for insurance
This isn't the same as Shariah finance/mortgage
Certified as Shariah compliant by Mufti Faraz Adam of Amanah Advisors
The new alternative to Islamic mortgages
As seen in
Shariah finance/mortgage
**can depend on the product
Gradual Homeownership is Shariah compliant
Gradual Homeownership is certified as Shariah compliant by Amanah Advisors and The Islamic Council of Europe.
Our Shariah compliance certification
Who Wayhome is for
You have slightly more complex finances which makes getting a mortgage harder.
You're forced to save a massive deposit
Because lenders aren't lending much, you're forced to save tens of thousands as a deposit.
You want a Shariah compliant option
You don't want a mortgage with interest and you're not happy with existing Shariah compliant options.
You're self employed
Who Wayhome is for
We don't lend you any money, so you don't need a mortgage.
There's no mortgage, no debt and no interest
Since you've bought a bit, you pay less rent already.
You own your share, rent the rest
Paint the walls, change the carpets, or get a pet.
Nobody can ask you to leave.
The home is yours to make your own
You can buy more with just £50, and without paying any fees.
Buy more of the home, pay less rent
