Frequently Asked Questions

Questions and answers about how Keyzy Now helps you onto the property ladder through rent to buy.

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Finding out your budget

How do I find out my budget?

You can use our rental calculator to get an idea of what your maximum rental budget could be based on your income. You can use this budget to look for home listed at that amount or less.

How is my rental budget calculated?

It’s based on your income and the income of any fellow applicants. We want to make sure your monthly maximum is not higher than what you could afford.

How much deposit do I need?

Unlike most normal rentals, you don’t need a deposit to move into the property. However, you will need a deposit to buy the house at the end of the lease if you want to.
The typical minimum deposit required to buy a home is normally 5% or 10%. There are currently some zero deposit mortgages available but as we don’t know their availability at the end of the lease term it would be best to prepare to have to pay some form of deposit. We can provide you details as to a regular monthly amount to save to have the required funds at the end of the lease.

What is the minimum household income required?

You need to have a minimum income of £30,000 before tax for all applicants combined.

Applying to Keyzy

What are the basic eligibility criteria?

You will need to be over 18 and have the right to live in the UK. We will also do an industry-standard check on you using secure and modern technology including:

Verifying your income and outgoings (using Open Banking)
Checking for fraud and bankruptcy (using Credit bureaus)
Reference checks with landlords and employers

Are there any hidden fees?

There are no hidden fees on our Keyzy Now product. Your rental will be fixed for the full duration of your lease, no increases! We don’t charge a deposit or product fee, we don’t charge you a fee if you don’t by the home at the end.

Do I need a perfect credit score?

No. But we do take into account your income and spending behaviour over the past year to make sure you can afford the monthly payments and are not likely to miss any payments.

We don’t accept applicants who have entered an IVA or Bankruptcy in the last years, nor any missed rental or mortgage payments in the last 12 months, or Defaults and County Court Judgements in the last 12 months over value £250.

If you end up getting a home with Keyzy we will also report your rental payments to Equifax. This means that your rental conduct could improve your credit position and credit score. This can make it easier to obtain credit on better or preferential deals and more likely to be accepted. It can also mean Banks and Mortgage Lenders can see your rental conduct without having to ask for documentation and can help secure the best mortgage deals available.

Do you run a credit check?

We run a soft credit check with a credit referencing agency to ensure suitability.

Do I need to get legal advice?

When you come to buy the property at the end of your lease you will need a solicitor or conveyancer to guide you through the legal process of buying a home. We will offer you a panel of solicitors for you to choose from to help, but you can also choose your own. This will be at your cost.

Can I get help from family?

If applying to jointly with a family member, both of you must live in the home as your main residence. At the moment we don’t offer an option to use a guarantor.

I’m not a First Time Buyer, is Keyzy still for me?

Of course. Keyzy is designed to assist where a mortgage cannot, and is not exclusively for First Time Buyers.

How many people can apply with me?

We currently accept up to 4 applicants.

I’m married, do we both need to be on the application?

If you are married or in a civil partnership you will need to add your partner to the application. This is because you are financially linked, and most mortgage companies will want to do this when it is time to buy. If your partner is not working or receiving an income, they will still need to be on your application.

I have several income sources. Will this be an issue?

We accept multiple income sources when determining a budget and your monthly payments, including salary, bonus, commission, benefits and other income sources.

For us to accept an income source, you will need to have been receiving it for at least 3 months. For example, if your recently changed jobs you will need 3 months salary payments to qualify.

I’m self employed. Will it be difficult to get approved?

As long as you meet the eligibility criteria and our checks on you and the property are good, so are you!

You will need a minimum of 12 months self-employment for it to be considered as income.

I have a few late payments on my record, will this impact my application?

We take your full financial circumstances into account when deciding your offer. Late payments might have an impact depending on how many, how much and what they were for.

Finding your new home

Where does Keyzy source homes?

At the moment Keyzy is only available to people looking for homes in England & Wales. We are hoping to expand to the rest of the UK in the near future.

Our Keyzy Now product helps landlords sell their properties to tenants (you) after a few years of fixed rental income.

How long will it take between applying and moving in?

Each property will have a date that it is available from, if you have gone through the approval process and the rental is affordable you can move in from that date.
This can be a very fast process in many cases so it’s good to be ready to move when the home is available.

What happens if I can’t pay my monthly payments?

We do our best to make sure your monthly payments are affordable before you sign the agreements and move in. Please get in touch if you find yourself with financial challenges, as we will try to work out ways to support you.

Living with Keyzy

Who is responsible for maintenance of the home?

Keyzy or the owner will be responsible for any insurable costs such as storm damage or burst water pipes. We also make sure you have your gas and electrical safety certificates. You are responsible for wear and tear and day-today upkeep of the home

Will my rent increase or decrease?

How long is the lease I sign?

The lease will be for a 3 year term. At the end of the term we can sign a new lease if you are unable to buy the home. You are of course free to leave the property if you don’t wish to buy or you can carry on with a new lease.

Who owns the property and who pays for it?

The property is owned by a Keyzy partner, normally a landlord and they remain the legal owner for the term of the lease

Do I need to pay for buildings insurance?

No. Keyzy or the landlord are responsible for buildings insurance until you buy the home.
You will need to source your own contents insurance if you want it.

Who pays for stamp duty and do I get a discount?

No stamp duty is paid when you first move into the house just like a normal rental. When you buy the home you will pay stamp duty on the agreed purchase price. If you are a first time buyer you will be able to take advantage of any discounts offered at the time.

What are my rights as a renter?

You can stay in the property for the full duration of your lease as long as you make your monthly payments, like a traditional rental agreement (assured shorthold tenancy).

What happens if I want to move somewhere else?

At the end of your lease you are free to leave the home. You have no obligation to buy or stay longer than you want at the end of the term.

Buying your home, or walking away with the upside

How much do I pay to buy the home?

If you choose to buy at the end of your lease, the price you pay will be the agreed Future Buy-Back Price. We will quote this to you before you sign your rental agreement with us.

How do you decide the Future Buy-Back Price?

The Future Buy-Back Price is agreed in advance with our Landlord partner and is usually current market value with a slight increase each year.

What if the home is worth less at the end of the lease?

You are not obliged to buy the home at the end of the lease if you don’t think it is financially worthwhile to do it. We can look at an alternative offer, or possibly extend the lease for a further period of time. You can also simply move out at the end of the lease like any normal rental.

What if I can’t get a mortgage at the end of the lease?

We can look at alternative options such as extending the lease with the current Landlord Partner, or Keyzy buying the property and you continue on a new lease directly with Keyzy with a new Future Buy-Back Price agreed. Or you can walk away with no added cost.

Other FAQs

How does Keyzy make money?

We make money from a portion of your monthly rent. We may also gain commission for any services we offer you as residents or buyers.

Is Keyzy regulated?

Keyzy’s offering does not fall within the scope of financial services regulation. You should ensure that you understand what this means before you use the Keyzy product. The FCA guidance on dealing with non-regulated bodies is that all risks and benefits must be explained. We insist every client has independent legal advice before entering into a contract so you understand the proposition and the risks and benefits associated with it.

How is this different from a mortgage?

The original lease as a standard rental lease. You don’t pay us interest like on a mortgage just your rental amount. At the end of the lease you may need a mortgage to buy the home.
This is ‘rent to buy’. You rent now, buy later.

What is the difference between this and shared ownership?

There is only one party who owns the home, the Landlord partner. You have a contractual right to buy the home at the end of your lease. Shared ownership means multiple parties own different proportions of a property, and the value is shared proportionately as the price goes up or down.

What happens if Keyzy goes bust?

In the unlikely event that Keyzy goes bust the Landlord partner takes over management of the property. You can continue renting the home until the end of the lease period. You will also still have the option to buy the property at the end of the lease for the pre-agreed future purchase price.

What if I need to complain?

You can direct questions and complaints to [email protected]. Keyzy is a member of the Property Redress Scheme, and complaints can also be directed to them.

What do you do with the information I give you?

Please read our Privacy Policy for more information.

Does Keyzy also help people buy homes for sale on the open market?

Yes, our core product does this. Keyzy Now is an alternative that let’s people move in sooner as the homes tend to be available to rent straight away. We source properties from Landlord partners.
For you the customer the terms are very similar with Keyzy Now. You still rent the property for the term of the lease and have an option to buy the property at the agreed Future Buy-back Price.
With Keyzy Now we also don’t convert any of your rent to help you build a deposit. You will have to save funds for the future deposit separately.

Still have questions?

Get in touch: [email protected]

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