Product
How Much Can I buy? How much of a property can I purchase?
You can buy between 25% and 75% of the property. Your cash deposit must be at least 25% of the property’s market value. You can buy a larger share with cash or a Shared Ownership Mortgage. After 12 months, you can buy more of your home through a process called staircasing.
How Does the Rent work
You’ll pay rent each month in advance on the share you don’t own. Rent starts at 5.89% per year of that share’s value and increases annually by 1% plus the Retail Price Index (RPI). If the RPI is zero or negative, rent still increases by 1%.
What is RPI (Retail Price Index)
RPI (Retail Price Index) measures inflation — the average change in prices for everyday goods and services like energy, food, housing, and travel. It’s published by the Office for National Statistics (ONS) and helps adjust things like rents, wages, and pensions.
How much deposit do I need?
Can I be gifted my deposit
Yes, your deposit can be gifted by close family members. Once your offer is accepted, we’ll ask for proof of deposit. Up to four people can gift funds under our scheme
How do I apply?
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Can I buy any property?
With Your Home, the property must be a freehold,traditionally build home in England that is at least one year old, previously occupied, and has an EPC rating of D or above.
A RICS Level 2 Home Buyer’s Report is required (paid for by the buyer) before exchange, and the valuation must not be below the agreed purchase price.
The property must not have serious safety issues or long-term damage risks (such as damp, mould, or subsidence).
Looking for new build homes? Check out Home Reach by Heylo.
How much does it cost to use the Your Home scheme?
You’ll need to cover the standard costs associated with buying a home, including solicitor fees, surveys, and any applicable Stamp Duty (SDLT).
In addition to this, Your Home charges a one-off product fee starting from £2,000, depending on the property value and the share you are purchasing. This reflects the proportion of the total acquisition costs that Heylo incurs when buying the property on your behalf.
This fee covers the application process, conveyancing searches (Local Authority, Environmental, Drainage, and Water), as well as our solicitor’s fees.
Are there ongoing costs to pay in addition to rent?
Yes. Alongside your rent, you’ll pay a monthly management fee of less than £30 and buildings insurance.
What are the legal fees involved?
You will need to instruct a solicitor to act on your behalf during the purchase.
We recommend using one of Your Home’s approved solicitors, who already understand our process — but you’re free to choose your own and it is advisable to get quotes.
What is SDLT ?
Stamp Duty Land Tax (SDLT) is a government tax you may need to pay when you buy or transfer property or land in the UK, including leasehold and shared ownership homes.
It applies when the price or rent value is above a certain threshold.
Your solicitor will complete and submit the SDLT return to HM Revenue & Customs (HMRC) for you, even if no tax is due.
Eligibility
Do you have an Age Restriction?
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Do I have to be a UK Citizen?
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Is there minimum or maximum Income requirement?
There’s no set minimum or maximum income, but your income must be enough to cover your rent and other homeownership costs.To stay affordable, your monthly rent cannot exceed 35% of your take-home pay.
The maximum property purchase price under the scheme is £650,000.
How do you calculate income?
What proof of income is required?
Once your offer is accepted, you’ll need to provide:
- 3 months’ bank statements, or 3 payslips, or 2 years of self-assessment tax forms (SA302) or company tax returns (CT600)
- Proof of current address (dated within the last 3 months)
- Proof of identity (passport)
- Proof of deposit
Do we accept benefits?
Yes, most maintenance payments, tax credits, and other benefits can count as household income.
We cannot accept Housing Benefit or benefits for children aged 14 or over.
Can I use my pension income?
How do Your Home complete their credit checks?
When you first apply, we’ll carry out a soft credit check to look for any issues that don’t meet our credit criteria.
Once you’ve found a property, we’ll complete a hard credit check as part of the final approval process.
If I have bad credit can I still apply?
You’ll need to meet our credit criteria to proceed.
If there are two applicants, we’ll review both credit files.
In some exceptional circumstances — such as serious life events beyond your control — we may consider an appeal, supported by relevant documentation for our Credit Risk team to review.
Maintenance & Insurance
Who is responsible for the upkeep of the property?
You are responsible for maintaining your home and covering any service charges for shared areas — such as cleaning, lighting, and maintenance of communal spaces, including parking or unadopted roads.
Before proceeding with a purchase, ask the property seller for details of all services and estimated costs, as these will be included in your affordability assessment
Who has the repair obligation?
Your Home leases are full repairing leases, meaning you’re responsible for all repairs and maintenance, both inside and outside the property
Who is responsible for building and contents insurance?
Heylo will arrange building insurance under a bulk policy that covers all Your Home properties — this allows you to benefit from a competitive group rate.
The cost of this insurance is collected monthly with your rent. You’ll need to take out your own contents insurance to protect your personal belongings.
Buying More Shares
Who is responsible for the upkeep of the property?
You are responsible for maintaining your home and covering any service charges for shared areas — such as cleaning, lighting, and maintenance of communal spaces, including parking or unadopted roads.
Before proceeding with a purchase, ask the property seller for details of all services and estimated costs, as these will be included in your affordability assessment
Who has the repair obligation?
Your Home leases are full repairing leases, meaning you’re responsible for all repairs and maintenance, both inside and outside the property
Who is responsible for building and contents insurance?
Heylo will arrange building insurance under a bulk policy that covers all Your Home properties — this allows you to benefit from a competitive group rate.
The cost of this insurance is collected monthly with your rent. You’ll need to take out your own contents insurance to protect your personal belongings.
Buying More Shares
What is Staircasing?
Staircasing is the process of increasing the share you own in your home.
As your ownership share grows, your rent is reduced to reflect the smaller share still owned by Heylo.
How do I buy more shares in my property
Your lease explains how to buy a larger share of your home.
You must have lived in your property for at least 12 months before you can staircase.
A RICS valuation will be required, and you’ll need to cover associated valuation, legal, and potential Stamp Duty Land Tax costs.
Please contact us for guidance on your staircasing options.
Is there a minimum amount I can staircase by?
Please refer to your lease agreement for details on the minimum staircasing amount allowed.
Is there a minimum time that I have to wait before staircasing?
Yes — you must have lived in your home for at least 12 months before staircasing
What will happen to my rent if I staircase?
When you buy a bigger share, your rent decreases to reflect your new ownership percentage.
If you staircase to 100%, you’ll no longer pay rent.
How do I apply to staircase?
You can find the staircasing application form here.
Once completed, send it with your RICS valuation to resales.staircasing@heylohousing.com. Please note if the value of your property has decreased you will staircase at the original purchase price.
How many times can I staircase?
You can staircase as many times as you wish.
Check your lease for any minimum or maximum staircasing increments
What are the benefits associated with staircasing?
Staircasing increases your ownership and equity in your home.
The more you own, the less rent you pay — and once you reach 100% ownership, you’ll become the full owner of your property.
How can I find out more about Staircasing?
Selling your home
What if I want to move home?
Your lease sets out the full terms for selling your home.
You can usually sell anytime after 12 months of living in the property.
If you sell within the first 6 years (72 months), an early repayment fee will apply.
Your home will be sold outright on the open market (not as a shared ownership property).
As with your initial purchase, a RICS valuation is required before you can proceed with the sale.
When the property is sold, you’ll receive your proportionate share of the sale proceeds, based on the share you own — provided the sale price is at or above the original market value when you bought the property.
Where can I find out more about selling my home?
Your lease explains how to buy a larger share of your home.
You must have lived in your property for at least 12 months before you can staircase.
A RICS valuation will be required, and you’ll need to cover associated valuation, legal, and potential Stamp Duty Land Tax costs.
Please contact us for guidance on your staircasing options.
Is there a minimum amount I can staircase by?
How do I apply to sell my property ?
Contact the Heylo resales and staircasing team to start the selling process.
What is the fee for selling a Your Home property?
Your Home charges a £2,000 account settlement fee when you sell or staircase to 100%. If applicable, this is in addition to any early exit fees.
What will I need to supply to sell my house?
To begin the process, you should get in contact with the Resales and Staircasing team. You will need to supply: A Basic RICS valuation from a registered surveyor and a completed Heylo sales form. Your estate agent that will market your property will require an up-to-date EPC certificate.
