Oops! Something went wrong while submitting the form.
What is Jrny, and who is it for?
Finding and buying your home
During the lease
End of the lease
What is Jrny?
Jrny’s mission is to help frustrated renters build wealth & prepare for ownership, by unlocking the power of home equity. Our plan allows you to choose a home, rent it and build wealth.
You get a share in the house's value every month by buying Equity Credits in your home which are saved in your Jrny Wallet.
At the end of the lease, you will have enough to put in a deposit and buy the house from us or cash out your equity at full market value. The choice is yours.
How does Jrny work?
Jrny is a platform that connects you with landlords who are looking for long-term, stable tenants. They lease their home to you for up to 8 years (although you're free to buy it or cash out at any point after 36 months).
Over that period, you pay a monthly payment: part rent and part Equity Credit contributions that are saved in your Jrny Wallet. The Equity Credits will increase as the home's value grows.
Upon moving in, you deposit an initial 2% Equity Credits which are saved in your Jrny Wallet. Every year after that, you contribute 1% Equity Credits so that by the end of the 8-year lease, you'll have 10% equity linked to the current market value of the home.
Any time after the 36-month mark, you can convert your Equity Credits in your Jrny Wallet into a deposit on the home or cash them out at the prevailing market value (as determined by an independent RICS-qualified surveyor).
I am in a relationship/want to buy with a family member. Is Jrny right for us?
Absolutely. Buying a home with a partner is a fantastic way to share the financial burden and accelerate your journey (and arguably your relationship too!). We can accept up to two individuals per application, and your co-purchaser must be a partner or family member.
I have had credit issues in the past. Will I be accepted?
Previous minor issues with money management should not prevent you from achieving your goal of homeownership. Depending on your individual circumstances we may still be able to help (even if you have had minor credit issues in the past). Reach out to us and see if we can help you.
Can I apply if I am on a zero-hour contract?
Am I eligible for Jrny?
To qualify for Jrny, you must:
Be over 21 years old
Be a UK citizen or foreign national with ILR / EU Settled Status
Earn a minimum household income of £28,000
If you meet these criteria, we would love to hear from you!
Is this restricted to first-time buyers?
No. We want to help as many people as we can to escape the rent trap and own their own homes. Anyone who meets the eligibility and credit criteria can qualify for Jrny.
Can I apply if I am self-employed?
Where is Jrny available?
Right now, we can work with properties in England and Wales only.
How much can I afford?
Using our wealth creation calculator, you can find out your Jrny Budget. To get an agreement-in-principle, use the calculator, sign up, and apply.
Will the rent increase at all?
Yes. To keep things transparent and predictable for your financial planning, your rent will increase yearly at the official inflation rate. We will cap the increase at 5% per year when inflation is very high.
How much is the initial Equity Credit contribution?
Initially, you contribute 2% of the overall purchase price before moving in. Your contribution counts towards your Jrny Wallet and grows with the home's value.
How is the rent portion of my payment calculated?
We work together with Jrny landlords to determine a fair rent that is based on comparable properties in the local area, just as you would in a normal rental agreement. Ultimately, they have the final say on how much they want for their homes though!
How are the Equity Credit payments calculated?
While the home value may change, the yearly Equity Credit contributions are fixed. We recommend that you buy at least 1% in Equity Credits each year to be on track for ownership by the end of the lease.
For example, if the value of the home was £300 000 when you moved in, you would buy £250 Equity Credits in your home per month on top of rent for the life of the lease (£300,000 x 1% / 12 months). If the home grows in value, your Equity Credits grow in value as well! That’s yours to keep.
Can I use Rightmove, Zoopla, or a local estate agent to find my new home?
No. Currently, Jrny is limited to homes that our Jrny landlords submit, as well as other homes that have been pre-selected to ensure eligibility. Don't worry though - at any point in time, there should be plenty of homes to choose from.
What kind of properties are eligible for Jrny?
We aim to be available for any residential property purchase. However, there are some property requirements. Jrny does not work with homes that aren’t mortgage-able, basement flats, or any properties that require extensive renovations or structural work. If you chose a leasehold property, then there must be a minimum of 90 years remaining on the lease. We ensure that all properties submitted by landlords adhere to these criteria.
Who owns the property during the lease?
The Jrny landlords own the property until the end of the lease - unless you choose to buy the property from them early. But Jrny will be with you throughout your journey as your point of contact.
What percentage of my monthly payments go toward my Equity Credit contributions?
The cost of Equity Credits in your home depend on the home’s value when you move in and don't change during your tenancy. We recommend you buy at least 1% worth of Equity Credits in your home each year to be on time for ownership by the end of the lease.
Who is responsible for maintaining the property?
Just as with a traditional rental agreement, you will be responsible for the day-to-day upkeep and maintenance of the home, while the landlord will be responsible for structural maintenance and other non-insurable costs.
What can I do if I am suddenly unable to make my monthly payments?
Tough times happen to us all. We do not believe you should be punished for circumstances you cannot avoid. Let us know if you are struggling, and we will work with you to structure a plan.
Who pays for major upgrades to the home?
If you decide that your home needs a significant upgrade, we can cover part of the costs, if the work undertaken results in major uplift to the value of the property. These works typically include improving the energy efficiency of the property or increasing the surface area.
Don’t worry, our team will review and approve in writing prior to the works beginning.
Will I own part of the property during the lease?
No. From a legal perspective, we only transfer the home equity to you at the end of the agreement to prevent you from incurring fees (stamp duty, conveyancing, closing costs). In the meantime, you benefit from Equity Credits in your Jrny Wallet, which gives you the financial benefit of home equity.
Can I move out at any time?
Any time after 36 months, you can leave and cash out the value of your Equity Credits with no penalty. All we ask is that you provide us notice 6 months ahead of when you want to cash-out your Equity Credits.
Can I decorate my home?
Yes. Unlike renting, we want you to feel like this is your home from the first day. You can make non-structural changes to your property (like painting or putting down new carpets) with no issues. If you plan to make larger-scale or structural changes, we ask that you get our approval first.
What happens at the end of the lease period?
You can buy the house from Jrny by converting your Equity Credits into a deposit and getting a mortgage. Or you can choose to cash out your Equity Credits at full market value.
You'll buy the home from Jrny at the prevailing market price, which will be certified by an independent RICS-qualified surveyor.
How is the future price of the home determined?
The future price that you buy the home is the property's market value at the time. This will be certified by an independent, RICS-qualified surveyor. If you don't think our valuation is correct, you can hire another RICS-qualified surveyor at your own cost.
Can I extend the lease agreement if I cannot get a mortgage?
Yes. In some cases, we can extend the lease agreement to support your ambition of becoming a homeowner. Extensions are granted on a case by case basis, and the terms agreed upon mutually.
How do I exercise my right to buy the property?
When you're ready to buy the home, notify Jrny through the website. The purchase will be very similar to the traditional property deal – you 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 have your deposit ready. We can recommend independent solicitors and mortgage brokers if you need us to.
Can the value of my Equity Credits go down?
Our mission is to fully align the incentives between you and Jrny 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. However, you cannot lose more than 10% of what you’ve contributed. We will consider lease extensions on a case by case basis.
Can I buy the home before the lease ends?
You can buy the home anytime you are ready, as long as the first 36 months of the agreement have elapsed.
What would my implied ownership be at the end of the lease?
That depends on how many Equity Credits you bought during your time with Jrny. If you stick to the recommended 1% a year, you'll have built up 10% in Equity Credits in your Jrny Wallet by year-8. Each year you decide to leave the plan or buy the home earlier than that, you'll have 1% less.
What if I no longer want to buy the house?
No pressure! You can cash out your Equity Credits at their prevailing market value without penalty.
Can I dispute the market value that Jrny determines?
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 (typically £300) for this second survey.
Is Jrny regulated?
Our services do not fall within FCA's financial services regulations. It is important that you understand the terms of the lease you're engaging with us and clarify any unclear terms.
Our leases do fall under the scope of the Housing Act 1988, Housing Act 2004, and the Landlord Tenant Act 1985.
What is different between you and Shared Ownership?
The government's Shared Ownership scheme serves new-build, housing associations and affordable housing. We serve a broader spectrum of the renting population. You also share in the upside value of the home with the Jrny.
Additionally, we designed our plan so you can get an accelerated path to homeownership during the lease, while Shared Ownership is a longer-term path to ownership. As such, we do not offer 'stair casing', where you buy additional equity during your tenancy.
How do you make money?
We make money by charging fees to Jrny landlords for sourcing, arranging and managing your leases.
Is my information protected?