Manchester Money and SY Money join forces with Jrny!

Jrny has partnered with two more firms as part of its closed trial prior to launching later this year – Manchester Money and South Yorkshire Money. The partnership gives the firms access to Jrny’s alternative rent-to-own plan, offering a different route to homeownership, that allows renters to unlock equity in their homes.

The plan allows aspiring homeowners find and move into their dream home with a 2% contribution, similar to a deposit. Jrny’s funding partners will cash-buy the home and lease it back to them, under a ‘Jrny Plan’. During the 8-year plan, customers become tenants where they pay rent plus a fixed amount of ‘Equity Contributions’ which earns them 1% equity in the home each year. Customers gradually build up to a guaranteed 10% equity stake at the end of the Jrny Plan which can be used as a deposit to buy the home or cashed out at full value.

Chris Barker, Managing Direction at Manchester Money, said: “We are honoured to be part of the initial launch. Everyone in the UK should aspire to be a homeowner and with rental payments and house prices so high, unless the bank of mum and dad help out then it’s virtually impossible for many thousands of first-time buyers to buy their first home. Jrny’s proposition will help many achieve that dream”.

Jrny is addressing the growing housing crisis in the U.K., by focusing on two key obstacles: deposits & loan amounts. With the Jrny Plan, aspiring homeowners can access budgets up to 6x income and only need to contribute 2% of the purchase price.

Danny Clayton, Managing Director at South Yorkshire Money, added: ”We are really excited to go on this Jrny. Every day, we see the struggles of people who become trapped in the rental cycle, many leave their family home in search of independence and end up renting struggling to afford rent let alone save a deposit. This proposition is a massive step forward in addressing this issue. With a large percentage of buyers these days relying on the “bank of Mum & Dad” to help fund a property purchase, it is about time someone took a pro-active approach to helping people that cannot rely on their parents’ generosity, I for one cannot wait to be able to offer this solution to some of our clients”.

Leading efforts for the closed trial, Head of Business Development at Jrny Khalid Ichaoui said “We’re super excited to partner with both Manchester Money and South Yorkshire Money prior to our launch. Having worked with both Chris & Danny previously, we couldn’t think of a better partner to join us at this stage to help us increase our outreach and work together to help aspiring often locked out of buying their own home”.