Unmortgage, a burgeoning London startup, which aims to launch next year having just closed a hefty £10 million round, calls its model “part-own, part-rent”. However, unlike traditional shared ownership schemes, Unmortgage doesn’t want you to have to take out a mortgage to buy the first portion of your own, and it isn’t targeting new-builds.
Unmortgage will use institutional funding to finance its part of the homes it purchases, who Rafiq-Omar says would like to own residential property, and the secure income stream it brings, but don’t want to be landlords or end up in the media for behaving like a landlord. “Unmortgage gives them a way to invest in residential property while solving societal need, which is [that] people want to own their own homes and have security over their housing situation”.
Meanwhile, investors in Unmortgage’s seed round are fintech venture capital firms Augmentum Fintech plc and Anthemis Exponential Ventures. “”We’re grateful to our investors for believing in us and our social mission and excited to be working with them,” adds Rafiq-Omar.