ADVICE
Chris Lee is the CEO and Founder of Own Homes, a company helping people to save for a deposit while living in the new build home they wish to own. Before starting Own Homes, Chris was responsible for delivering the Government’s largest homeownership scheme, Help to Buy. Own Homes aims to support the delivery of 100,000 new homes by 2031, helping more people become homeowners and changing the way the housing market works, one home at a time Q I am a first time buyer and I can afford a mortgage, but I can’t save a deposit. What can I do? A You’re not alone. Research suggests that nearly 3.6 million people in the UK can afford a mortgage, but saving a deposit is their biggest barrier to homeownership. Q There are other providers. What makes Own Homes different? A At Own Homes, we’re different because our homebuyers:
Chris Lee, CEO and Founder, Own Homes
top of household bills and their other living expenses.
Payments are designed to help reach their deposit target within five years.When they’re ready to buy, they combine their deposit with a mortgage from their lender of choice. The amount they pay to buy the home is fixed from day one, providing them with a fixed savings target. We believe our homebuyers should be in control of their journey, so we also have an app to help them track progress. Using the app, they’ll always know: • Exactly how much they’re paying and saving toward their deposit • How the deposit is building and how close they are to their goal • How to boost the deposit with one-off top-ups and with support from their family and friends. With the help of Own Homes, our homebuyers can move into a new build home, automatically save towards their deposit each month, and own the home they’re living in within five years.
• Already live in the home they plan to own • Save towards their deposit automatically each month • Have a clear timeline to own within five years.
Housing costs, household bills, travel, childcare, food and other essentials all compete for the same income, making it difficult to save enough to put down a deposit on a home. The reality is, buying a home is harder than ever, and I wanted to create a simple pathway to help people overcome the deposit barrier.That’s why I started Own Homes: to help people save for a deposit and become homeowners, without having to wait to live in the home they want. At Own Homes, we can help you to RentSaveOwn: Rent your new home. Save while you rent. Own when you’re ready.We make sure your rent works towards your future. By setting aside part of your monthly payments into a dedicated savings account, we can help you see real progress towards homeownership every month.
Let me explain more:
With our RentSaveOwn model, homebuyers choose their home from one of our partner housebuilders.They let the housebuilder know they’d like to use Own Homes and complete our application. Once approved, and their new home is built, they move in and enjoy long-term security living in their new home. We set the monthly payments at the same level as a mortgage. Part of each monthly payment is automatically placed into a secure savings account. Homebuyers get used to paying the actual cost of owning the home, and because savings payments are automatic, they don’t have to think about saving their deposit on
ownhomes.com
Could Own Homes help you become a homeowner? Own Homes is preparing to launch across the UK. We’re not open for
applications yet. Find out more at ownhomes.com
18 First Time Buyer June/July 2018
August/September 2026
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