‘Gradual homeownership’ fintech Wayhome raises £8m Series A

Alternative LendingDigital Banking

The part-buy, part-rent provider hopes to double the number of homebuyers it can help in the next 12 months.

Image source: Nigel Purves/Wayhome.

Wayhome has closed a Series A equity round of £8m to disrupt the home buying space.

A gradual home ownership provider, Wayhome gives customers the option to part-buy and part-rent their homes.

They can start out with just a 5 per cent deposit, pay rent on the part of the home they don’t own and whatever they pay that is over the cost of rent goes towards buying more of the home.

“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,” Wayhome CEO Nigel Purves said.

“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.”

Similar in ways to shared ownership schemes, Wayhome differentiates itself in a few ways: it offers older properties rather…

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