Unmortgage, a gradual homeownership startup based out of the UK, has recently raised £10 million ($13 million) in a seed round that the startup will use to help people buy or rent their homes, partially.
The idea is that people buy a percentage of their dream house that they can afford, and Unmortgage buys up the rest and acts as a landlord.
The startup will launch in January 2019 and will initially focus on areas outside London. Second to the weather, the British like to grumble about property prices.
The national obsession with home ownership is good news for Unmortgage, a 12-person London-based property technology startup that has raised a massive £10 million pre-launch seed round to help people onto the property ladder.
Investors include Augmentum Fintech and Anthemis Exponential Ventures.
The idea is that buyers find their dream house, pay for at least 5% of it in cash, and then Unmortgage buys the rest, also in cash. Buyers pay rent on the portion they don't own, and can buy out Unmortgage or sell their stake when they want to move on.
The appeal is that Unmortgage can help buyers into a house worth up to ten times their salary.
It's perhaps most similar to shared ownership, says chief executive Ray Rafiq-Omar, but is more flexible.
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