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For many young people today, the prospect of owning their own homes feels like an impossible dream. With house prices at all-time high, and affordability criteria becoming increasingly strict, even professionals like doctors, nurses, teachers, and civil servants find it challenging to save up for a deposit and qualify for a mortgage. That’s where Keyzy comes in – a rent-to-own fintech/proptech that helps young professionals and first-time buyers unlock homeownership.
Keyzy’s solution is simple, yet innovative. The company buys the dream home on behalf of the applicant and rents it to them for a set period of time, usually between 3 to 7 years. During this period, the applicant pays rent, but up to 25% of their monthly payment is converted into savings towards a future deposit. Once the rental period is over, the applicant can buy the home at the original price paid minus the deposit, which they have already built up through their monthly payments. Essentially, Keyzy offers a pathway to homeownership for those who are struggling to save up for a deposit and to qualify for a traditional mortgage, due to their income, credit score or other factors.
Making Homeownership Possible
Keyzy’s approach has helped hundreds of young people across London and the UK achieve their dream of homeownership. The company’s model is based on a shared economy concept, where the homeowner and the tenant share the risks and the benefits of owning and living in a property. Keyzy’s customers come from different backgrounds and professions, but they share a common goal: to break the rent cycle and own their own home. By offering an alternative to the traditional home purchasing methods, Keyzy makes homeownership possible and achievable for those who have been otherwise unable to achieve this elusive goal.
Benefits of Keyzy’s Model
Keyzy’s model is designed to provide numerous benefits to its customers, such as:
- Affordability: Keyzy helps its customers avoid the upfront costs of purchasing the home, such as a deposit, stamp duty, and legal fees, by purchasing the home on their behalf.
- Flexibility: Keyzy’s rental agreements are flexible, allowing customers to stay in the property for a set period of their choice. This gives them the time to build up their savings and improve their credit scores before taking out a mortgage.
- Transparency: Keyzy’s model is transparent, and potential customers can easily understand the costs and the benefits of the program. The company also provides free advice and support to its customers, helping them understand the home buying process and navigate through it smoothly.
Keyzy is an innovative startup that is changing the way young people in the UK purchase homes. Its rent-to-own model provides a pathway to homeownership that is affordable, flexible, and transparent. By assisting young professionals and first-time buyers who aspire to own a home but face various obstacles, Keyzy is on a mission to break the rent cycle, democratize homeownership and empower its customers.
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