Deal allows the network's brokers to offer a rent-to-own solution to their clients
Connect Network has partnered with rent-to-own specialist Keyzy, following a successful pilot that has been running since April.
With the partnership, Connect’s brokers will be able offer to their clients Keyzy’s rent-to-own solution, which enables people to move into a property with no deposit and the option to build up a deposit while living there and buy it later should they choose to.
Keyzy buys a property for a client who cannot get a traditional mortgage and rents it to them for a period of three to seven years. The monthly payments are in line with market rental, while the client pays up to an additional 25% converted rent depending on affordability. The converted rent works as a savings scheme and helps the client to build a virtual deposit while living in the property.
The client then has the option to buy the property back at the original purchase price plus stamp duty and Keyzy’s legal fees. If the client wants to buy a different property, they can also do so, and they can get up to 25% of their rental payments back.
Commenting on the partnership with Connect, Simon Groll, co-founder of Keyzy, said it has been great to grow and learn with the support of an award-winning network like Connect.
“They have embraced our alternative rent-to-own solution and it has been a pleasure to assist some of their clients who, without Keyzy, would have had no other options available,” Groll added. “It is the start of a thriving relationship and a real solution for those struggling to buy for the first time, or to step up the property ladder.”
Jane Benjamin, director of mortgages at Connect, said that Keyzy “adds something really different” for their network members to offer to their clients.
“It is an innovative solution both to help people get on to the property ladder or to make that next move,” she stated. “This latest partnership is part of a concerted effort that we make at Connect to give our network members a real edge, by providing access to the widest range both of mainstream and specialist lenders as well as more innovative solutions such as that provided by Keyzy.”