A part buy-part rent shared ownership product offered by Heylo Housing Group is proving increasingly popular with estate agents, with more than 200 agencies, including Leaders, LSL and Spicerhaart, said to be signed up to the initiative.

Under the scheme, likened to the Help to Buy scheme, which was until recently offered by the government, Heylo Housing Group’s Your Home product acts as a cash buyer and then turns the property into a part buy-part rent home.

But unlike the government’s Shared Ownership scheme, Your Home must be a standard construction freehold property and cannot be less than one-year old, so it is not available on new builds.

Buyers will put down a minimum of 25% deposit of the home’s full value and pay rent to Your Home on the remaining share.

Your Home customers will have their rent set at capped at 4.89% for the first year,

For example, a home with a property value of £250,000 could be purchased with the below figures:

+ 25% deposit: £62,500

+ Monthly rent on 75% unowned share: £764.06

+ Your Home will invest £187,500

+ Household income required in this example: £26,000

Your Home offers a 999-year lease, and as and when buyers can afford to do so, they can purchase additional shares through staircasing – eventually owning 100% of the property and the freehold.

Agnieszka Skowronek, head of Your Home commented: “Your Home is a truly exceptional product, helping more and more buyers into their dream homes, without needing a mortgage or paying high rental prices. Instead of having to be able to afford the whole property, our customers will purchase a share with a minimum 25% deposit, paying rent on the rest of the home.

“The idea is then that the customer can staircase, ensuring a tailored approach to each customer. The staircasing process allows homeowners to purchase additional shares, meaning they can own more and rent less as and when it suits them. Through working in partnership with estate agents across the country, Your Home offers a fantastic solution for purchasers who are looking to buy a second-hand home without a mortgage, while keeping costs low and guaranteed.”