OwnYourHome

OwnYourHome by Assettrust is a ready to go tenure conversion programme for working households in social rented properties that provides an exclusive shared ownership mortgage from Halifax, coupled with a sales process similar to the current National Homebuy process.

With a 25% discount on the purchase price of the share acting as the buyer’s deposit, and a mortgage from the Halifax, the scheme provides working households in social rented properties with the opportunity to purchase the home in which they live.

Assetrust then funds the newly created shared ownership residuals via a transfer to an off balance sheet 'not for profit' company and passes all proceeds net of predetermined transparent costs to the Registered Provider.

At the point of funding the Regsitered Provider can elect to buy the shared ownership properties back after 30 years at a pre agreed price. Management of the customers and properties is retained by the Registered Provider under a long term management contract.

This two stage process delivers a considerable capital release, 70% of open market value of the social rented properties, without reliance upon tenant churn rates. At more than twice EUV-SH this release is sufficient to deliver one new social rented property for every sale.

Research shows that 1 in 3 social rented properties are occupied by working households who could afford to buy a share of their home.

Visit the OwnYourHome website.