Frequently asked questions.
Scroll down to find the most commonly asked questions and our answers. If you have any further questions, feel free to contact us on firstname.lastname@example.org.
What is Jrny and who is it for?
Jrny is a new way of providing access to the housing market for all those who are struggling with that first step on the property ladder: an Accelerated Ownership plan (similar to ‘rent to own’) allows a first-time buyer to choose a dream home, rent it, build wealth and buy it in the future.
Jrny is designed as a better way to rent your home, while allowing you to build wealth and buy your home more easily. To qualify, you must be over 21 years old, have the right to live in the United Kingdom, earning a minimum of £21k, and not already own a home. If you meet these criteria, we would love to hear from you.
Absolutely. Buying a home with a partner is a fantastic way of sharing the financial burden and accelerating your journey. At present we can accept no more than two individuals per application, and your co-purchaser must be a partner or family member.
No. Anyone who meets the eligibility and credit restrictions can qualify for Jrny – we want to help as many people as we can to escape the rent trap and own their own homes.
It depends on the nature of the credit issues. We are unable to accept applicants who have incurred IVAs or DMPs in the last 24 months, nor can we consider you if you have an unsatisfied CCJ in the last 12 months.
If you have missed payments on your record, defaults, or CCJs less than £1,000, then we can work with you as long as these are all satisfied prior to your application. We do not believe that previous (minor) issues with money management should prevent you from achieving your goal of home ownership.
At present, we can work with properties in England and Wales only.
We're targeting a launch in mid-2023! We believe that home prices will be more favourable then, allowing both you and our funding partners to benefit.
In the meantime, we're inviting you to apply and get qualified for Jrny. While you're in our waitlist, you'll benefit from exclusive perks, such as access to expert guest speakers, helping you navigate homeownership!
At Jrny, we connect you with funding partners who buy your chosen property for you. Then, they lease it back to you for a total of up to 8 years (although, you're free to buy it or cash-out at any point after 2-years). Over that period, you will pay the funders a combined monthly payment which is part rent and part Equity Contribution. In exchange for your Equity Contributions, you get Equity Credits in your Jrny Wallet, which increase as the home grows in value.
Each year you earn 1% Equity Credits, so that by the end of the lease you'll have 10% of equity in your home, regardless of its current market value. At any point after the 24-month mark, you can convert the Equity Credits in your Jrny Wallet into a deposit on the home or cash them out at the prevailing market value (certified by an independent surveyor).
Finding and buying your home
You can find out your budget as a first time home buyer with Jrny by using our online calculator. To get an agreement in principle, use the calculator, sign up, and apply.
Just as if you were to rent on the open market in the more traditional way, your rent is based on comparable properties in the local area.
If you currently rent, then you will know precisely how frustrating it is to get a letter through the door, or an email, telling you that your rent is going up. It can throw all of your finances off and makes it very difficult to plan ahead for things like holidays and other more considerable expenses.
Yes. With Jrny, your rent will increase each year. Your rent will increase at the official rate of inflation (RPI). In years where inflation is very high, we will cap the increase at 5% per year.
While the home value may change, the Equity Contributions are fixed throughout the life of the lease. The amount you pay is based on 1% of the home value when you move in. For example, if your home was bought for £300,000, you would pay £250 per month ontop of rent for the entire life of the lease in Equity Contributions (£300,000 x 1% / 12 months).
To get started on your Jrny, you must contribute a minimum of 2% of the overall purchase price. Your contribution counts towards your Jrny Wallet and grows with the value of the home.
Yes! Once we have approved you for your Jrny budget, you can use that figure to find the property however you like – online property portals, estate agents, and even word-of-mouth. Once you have chosen your home, submit the details to your Jrny profile for us to review.
Buying a property is never ‘quick,’ as there are inspections, conveyancing, negotiations, and other potentially time-consuming processes to take care of. We can typically buy faster than individual buyers as our funding partners are cash purchasers, so there is no need for mortgage approvals.
Yes you do! We're able to make you ultra-competive during the bid process as we're able to give the seller a higher certainty that the deal will go through, increasing the chances of you getting your dream home!
We will provide you with an updated Agreement-in-Principle, free of charge, which you can use to find another property.
We try to help with any residential property purchase; however, there are some property requirements. You cannot use Jrny to buy a new build property, a basement flat, or any property that requires extensive renovations or structural work. If your chosen property is a leasehold, then there must be a minimum of 90 years remaining on the lease. Other than those exceptions, as long as the property you choose is habitable and ready to move into, then we would be more than happy to help you with your Jrny to home ownership.
Yes. In London, your chosen property must be £800,000 or less. Outside of London, the maximum is £400,000.
Our specially selected funding partners will retain ownership of the property (and act as your landlord) until the end of the lease unless you choose to buy the property from them early.
During the lease
Your Equity Contributions depend on the value of the home when you move-in and don't change during your tenancy. That means your Equity Contributions could make up as little as 10% of your monthly payments, or up to 30%.
No. To prevent you from incurring fees (stamp duty, conveyancing, closing costs), we do not transfer any of the home equity to you until the end of the agreement.
Just as with a traditional rental agreement, you will be responsible for the day-to-day upkeep and maintenance of the home, while our funding partners will be responsible for structural maintenance and other non-insurable costs.
Any time after year 2, you can choose to leave your Jrny plan and cash out the value of your Equity Credits with no penalty. In order to fund your Equity Credits, our funding partners have up to 6 months to sell the home or they can choose to keep it and pay you out directly in cash.
Tough times happen to us all, and we do not believe that you should be punished for circumstances that you cannot avoid. Let us know if you are struggling, and we will work with you to structure a plan that keeps you on your Jrny.
Yes. Unlike renting, we do want you to feel as if this is your home right from the first day. That means you can make non-structural changes to your property (like painting or putting down new carpets) with no issues whatsoever. If you are planning to make larger scale or structural changes, then we do ask that you seek our approval first!
If you decide your home needs a significant upgrade such as upgrading the energy efficiency or building a new driveway, our funding partners may cover up to half of the costs if they deem it to be a good investment! If you invest in your home and increase its value, your Equity Credits will be worth more and our funding partners win as well!
End of the lease
At the end of the lease agreement, you have the right to buy the house from our funding partner by converting your Equity Credits into a deposit and getting a mortgage. Typically, the type of mortgage you'll need is called a 'concessionary purchase mortgage.'
You'll buy the home off our funding partners at the prevailing market price, which will be certified by an independent surveyor.
You can choose to buy the home anytime you are ready, as long as the first 24 months of the agreement have elapsed.
The future price that you buy the home is current market-value of the property. This will be certified by an independent, RICS-qualified surveyor .
At the end of an 8-year lease, you'll have built up 10% in Equity Credits in your Jrny Wallet. Each year you decide to leave the plan or buy the home earlier than that, you'll have 1% less.
Yes. We can work with you to allow extensions to the lease agreement, in some cases, to support your ambition of becoming a homeowner. Extensions are granted on a case-by-case basis, and the terms will be mutually agreed upon.
No pressure! You can cash out your Equity Credits at their prevailing market value without penalty.
When you're ready to buy the home, all you have to do is notify Jrny through the website! The actual purchase will be very similar to the traditional property deal – you will need to engage solicitors and mortgage advisors who will guide you through the purchase. Unlike other ways of buying a home, you will face no competition and you will have your deposit ready to go. We are happy to help you, even at this stage of your Jrny to home ownership, by recommending independent solicitors and mortgage brokers if you need us to.
Yes! If you think the market value that Jrny determined is inaccurate, you can hire a RICS-qualified surveyor to conduct another valuation. However, you'll bear the costs for this second survey (it typically costs around £300).
Our mission is to fully align the incentives between you and our funding partners to create a better way to rent and eventually buy your home. That means there is a chance that the value of your Equity Credits will be lower than the amount you contributed. On a case-by-case basis, we may allow an extension of the lease.
Our services do not fall within the scope of FCA's financial services regulations. It is nonetheless important that you understand the terms of the lease you're engaging with us and clarify any unclear terms with us.
Our leases do fall under the scope of the Housing Act 1988, Housing Act 2004, and the Landlord Tenant Act 1985.
We make money by charging fees to our funding partners for sourcing, arranging and managing your leases.
The government's Shared Ownership scheme primarily serves new-build, housing associations and affordable housing, while we serve a broader spectrum of the renting population.
Additionally, our programme is specifically designed in order for you to have a accelerated path to homeownership during the course of the lease, while Shared Ownership is a longer-term path to ownership. As such, we do not offer 'staircaising', where you buy additional equity during your tenancy. We also allow you to share in the upside value of the home.