You can now buy a house without a mortgage - here’s everything you need to know
For first-time buyers getting onto the property ladder, the prospect of securing a mortgage can be intimidating.
This is everything you need to know about the new Unmortgage scheme - that allows you to purchase a home without a mortgage.
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The scheme is available through a company called Unmortgage, which launched in July.
Their website says, “Unmortgage is for you if you can’t afford to buy the home you can afford to rent.”
The idea is that people looking to get on the property ladder can become partial homeowners, and they have the option of building up their share of the property over time. They could even eventually buy out the investor.
“We arrange a partnership between you and our funding-partners to buy the home together, in cash. Just you and them. If you pay for five per cent, they pay for 95 per cent,” the Unmortgage website explains.
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Hide AdYou would then also be required to pay rent to your partnered investor in order to live in their share of the property.