Jrny Joins Forceswith Charwin Private Clients
Jrny and Charwin Private Clients have entered into apartnership ahead of Jrny’s launch. The mortgage firm, based in Norwich, joins ahandful of other firms and grants them access to Jrny’s rent-to-own plan as aunique and innovative alternative to traditional homeownership.
Jrny is addressing the growing housing crisis in the U.K.,which is preventing many young adults from getting on the property ladder, withtheir Jrny Plan, which allows tenants to unlock home equity over time,gradually preparing them for outright ownership.
The plan allows aspiring homeowners to find and move intotheir dream home with just a 2% contribution, similar to a deposit, and build10% equity over 8 years. During the lease, customers become tenants where theypay rent plus buy equity in the home each year at a fixed price. If customersstick to Jrny’s recommendation to buy 1% during each year of their tenancy,they will gradually build up to a 10% equity stake at the end of the tenure,which can be used as a deposit to buy the home or cashed out at full market value.
Ranald Mitchell, Managing Director of Charwin PrivateClients, said “For far too long, too many people have been locked out ofhomeownership due to deposits and limited budgets. That's why we are thrilledto partner with Jrny, as it not only expands our product offering but alsoaddresses this key problem. Together, we can empower young aspiring homebuyersand make the dream of homeownership a reality for a wider range of individuals.At Charwin, we pride ourselves on offering innovate solutions and we’re superexcited to work with Jrny pre and post launch.”
Nicolas Singh, one of the co-founders, said “At Jrny, westrongly believe that proactive strategies to innovation are essential to unlockinghomeownership opportunities. We areincredibly impressed with Charwin's proactive approach to supporting first-timebuyers on their path to ownership, and we are thrilled to work closely togetherwith Ranald and the rest of the team. Their dedication and expertise alignperfectly with our vision, and together, we are excited to make a significantimpact and help as many aspiring homebuyers make their homeownerships dreams areality”.
Although the length of the plan is up to 8 years, Jrnyoffers a great deal of flexibility after the 2-year mark. Aspiring homeowners canbuy the home earlier, whenever they can access a mortgage, or cash out theequity without penalty. The price of buying additional equity during the 8-yearterm is fixed, offering aspiring homeowners security and peace of mindthroughout the lifetime of the lease.
Khalid Ichaoui, who will be working closely with the team atCharwin, said “Having worked with Charwin previously, I couldn’t think of abetter firm to partner with us at this stage of our journey. Beyond ourpartnership, it’s great to see rent-to-own so well received by the mortgagefirms we’ve partnered with already and we have high hopes Jrny can become afirst step onto the property ladder for many young aspiring homeowners.”