There is widespread consensus that the UK is suffering from an acute housing problem with a market that is fundamentally broken. The UK is a property owning democracy though many people face living in private rented property all their lives and ownership levels continue to decline. Mortgage lending is restrictive and requires at least a 5% deposit challenging first time buyers with the average age being 32. The average required deposit is £42,433 and is unachievable for many who are being locked out from buying a home
HomeNow offers an improved, alternative to traditional renting with assistance to achieving the required deposit for home ownership. Our tenants choose their home, receive the security of a 5-year tenancy, pay fixed rent for the whole period and benefit from one third of any price increase at the end of the 5-year period. This “rent refund” can be used as a deposit contribution for the tenant to purchase the property from HomeNow. Our tenants also benefit from 24-hour emergency home cover. The HomeNow team, which has extensive experience in real estate, Fintech, capital markets and running a leading UK plc, is passionate about helping to mitigate one of the greater long-term challenges facing Britain and make the coming generations as able to own their own home as their parents.
HOW IT WORKS