Jrny partners with Affinity Mortgages

Jrny has added Affinity Mortgages to its broker panel as part of a closed trial prior to its launch. The mortgage firm, based in London & Essex, will have access to a rent-to-own plan that offers potential clients a unique 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, with their Jrny Plan, which allows tenants to build fractional ownership in their homes over time, gradually preparing them for outright ownership.

The plan allows aspiring homeowners find and move into their dream home with just a 2% contribution, similar to a deposit, and build 10% equity over 8 years. During the lease, customers become tenants where they pay rent plus Equity Contributions to earn 1% equity in the home each year. Customers gradually build up to a guaranteed 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 value.

Leading Jrny’s efforts to grow its broker network, Khalid Ichaoui said “We’re super excited to partner with Affinity Mortgages prior to our launch. Working with the firm will help us raise awareness, increase our outreach and allows the firm to cater to clients often locked out of mortgage market.”

Eric Miller, already part of Jrny’s inaugural first-time buyer event in Southend-on-Sea, added “Jrny’s 2% contribution requirement will undoubtedly prove popular with many clients giving them an opportunity to work towards getting on the property ladder when they previously didn’t imagine it would be possible. Interest and feedback on the Jrny plan have been very positive and I’m excited to work with the team. They’re a super passionate bunch and it’s great to see more innovative solutions come to market.”

Although the length of the plan is up to 8 years, Jrny offers a great deal of flexibility after the two-year mark. Clients can buy the home earlier, whenever they can access a mortgage, or cash out the equity without penalty. The Equity Contributions are also fixed for 8 years offering aspiring homeowners security and peace of mind throughout the lifetime of the lease.

Nick, one of the co-founders, said “Jrny represents a novel solution to many frustrated renters, by offering a better option than traditionally renting and saving. We’re confident in Jrny’s ability to alleviate many of the pain-points that everyday renters face with the Jrny Plan, providing a better path towards unlocking homeownership for the many”.

Rebecca Lewis, Director of Operations at Affinity Mortgages said “In a market proving tricky for first buyers it is a breath of fresh air to be a part of the Jrny panel. It enables us to offer our clients an alternative solution to anything else currently in the market. For us, solutions have always been the foundation of how our business has been built and therefore the synergy here for us is huge.”