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Wayhome raises £8 million for part buy, part rent home ownership scheme

Wayhome raises £8 million for part buy, part rent home ownership scheme

UK-based gradual home ownership startup Wayhome has raised £8 million in Series A equity funding led by existing investors Allianz X, Augmentum Fintech and new funders Volution, Love Ventures and Cur8 Capital.

Wayhome offers a part rent, part buy model to people struggling to get on the property ladder. Users can get a foot in the door with a five percent deposit and pay rent of the part of the home they don't own. Over payments above the rent are invested in buying more of the home.

Wayhome says the new financing will give it the runway to break even as it forges further partnerships with mortgage brokers and lenders in the coming months.

The business model is proving resilient in the current UK home ownership market following the end of the government's rent to buy scheme amid surging interest rates.

"The rising interest rates seen since September’s controversial mini-budget have delivered even greater demand for our product," says Nigel Purves, CEO of Wayhome. "This significant raise will fuel our ambitions to double the pace at which we can help new homeowners within 12 months. Homebuying has been somewhat traditional for centuries. Our alternative is the best of all worlds as a part buy, part rent proposition that allows our customer to buy their ideal home, in their ideal location, today without waiting for years."

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