Monday, May 16, 2022

AllianzGI backs mortgage-free home ownership scheme

Alliance Global Investors has committed to raising funds to support Wayhome, mortgage-free home ownership scheme

Alliance Global Investors has committed to raising funds from institutional investors to support the launch of Wayhome, a new scheme of gradual home ownership that sidesteps mortgages altogether.

Wayhome will use the capital raised from institutional investors, such as pension funds, to purchase homes with buyers who are unable to secure a home through traditional means.

The Wayhome model enables customers to part-own, part-rent a property, with a minimum deposit of five per cent. They can buy more of the property, reducing their rent, whenever they choose.

AllianzGI anticipated that the new partnership with Wayhome — named the Home Equity Income Strategy — will “open up a new market for institutional investors that aims to offer reliable, inflation-linked yields that suit the cashflow profiles of defined benefit pension funds, whilst helping more aspiring home owners to get on the property ladder”.

Chief executive at Wayhome, Hugh Boyle said that the partnership with AllianzGI means that reluctant renters, those who would prefer to own their own home, will soon have a new route to home ownership, without a mortgage.

Boyle said that AllianzGI’s involvement enables them to unlock the institutional financing needed to open a path to home ownership to hard-working families, such as those currently paying off somebody else’s mortgage.

AllianzGI has a great track record of helping open up new markets for their institutional clients, giving them access to new types of cashflow that help them match their liabilities. They did it with infrastructure debt and now plans to do it again through Wayhome’s gradual home ownership model, said Irshaad Ahmad, head of European Institutional at AllianzGI.

Ahmad said that they continue to see significant institutional investor demand for the type of cashflow matching that this partnership with Wayhome is set to provide. AllianzGI has been impressed by the concept the Wayhome team have created over the past few years and look forward to helping them bring this innovative new idea to the market.


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