“We knew getting a mortgage in our 70s would be almost impossible, so discovered another option to ensure we had security in our retirement”

Looking for security from a move into a ‘bricks and mortar’ property, the couple knew getting a mortgage could be a challenge now they were both retired.

Steve explains; “As Sue and I are in our seventies, we understood that getting a regular mortgage would be extremely difficult due to our limited options and the expense of these payments. We were also concerned that if we rented, the landlord could increase the rent or evict us and that is something we would struggle to deal with as we get older.”

Whilst investigating renting, a local estate agent told them about the Heylo Housing Your Home Scheme and, with Steve’s previous experience with Shared Ownership, they were able to inform their next steps.

He says, "I purchased my previous home with my ex-wife through Shared Ownership, so I was familiar with the scheme and knew it could work for our financial situation. However, we knew we didn’t want to live in a new build, and I knew most Shared Ownership schemes were only available on new build homes. It almost seemed too good to be true when we found out about Your Home, and the fact that we could change any freehold property on the open market into a Shared Ownership property! I was just completely over the moon, and from there we were able to find our dream home in the location we wanted, through a scheme that suited our situation perfectly.”

Susan continues; “We knew we wanted to live in Felixstowe, but a lot of the new build schemes were asking for more than we could afford for the initial purchase share. Once we started exploring through Your Home, the search felt so much easier for us both.”

Your Home is a gradual homeownership scheme by Heylo Housing that allows buyers to purchase a 25%-75% share of a property and pay rent on the remaining unowned portion. It turns existing freehold properties for sale on the open market in England into gradual homeownership properties, offering flexibility and choice to hopeful homeowners searching for the perfect place.

Steve says; “We spotted the bungalow under Wainwright’s estate agents in October 2023, we took possession on 1st February 2023 and were fully moved in by 1st April 2024. The whole process was smooth which is exactly what we wanted. It never felt rushed though, the whole process was made very easy from the Your Home team and their service was amazing!”

The couple bought a three-bed bungalow in Trimley St Mary, putting down a 25% cash deposit of £72,750 to secure their home, and paying rent to Your Home on the unowned 75% portion.

Steve continues; “We moved in just at the start of summer which allowed us to enjoy the nearby coastline and get to know our lovely neighbours over the fence from our gardens. We enjoyed the process of decorating and making the space feel like our own. Since moving in we’ve painted the walls, converted the existing wet room into a shower room and completed some landscaping along with planting our favourite flowers in the garden. It really feels like home!”

One of the benefits of gradual ownership is the opportunity to increase their purchased shares over time, through a process known as ‘staircasing’. Steve and Susan are already considering the next steps with their home due to receiving some recent inheritance.

Susan concludes; “We have been sharing Your Home with people in similar positions to us – getting a mortgage at our age just wouldn’t be possible, but it’s important to feel secure in your home.

“The whole application and legal process was helped by the Your Home team throughout and now we can continue with retirement with peace of mind!”

For further information about Your Home, visit https://yourhome.org.uk/