Buy a 50 - 75% share of your new home
with Home Reach
We work with heylo, one of the UK’s largest home ownership programmes, to offer a shared ownership option that helps you to buy your new home sooner rather than later.
With Home Reach, you buy 50- 75% share of your new home now, and pay a small monthly rental fee on the remaining percentage of your home until you are ready to own the full 100%.
You can purchase your share with cash or by taking out a mortgage, with as little as 5% deposit. You will pay rent of 2.75% of the value of the unowned share, which will be paid monthly by direct debit to heylo.
Here’s an example based on a 50% share of a Strata home valued at £200,000
50% share value = £100,000
10% deposit of share value = £10,000
Mortgage = £90,000
Monthly mortgage repayments = £455
Monthly rent = £229
Monthly combined cost = £684
Am I Eligible?
You are eligible to purchase a Strata home using the Home Reach shared ownership scheme if:
- Your household income does not exceed £80,000 per annum
- You have saved a deposit (at least 5% of the share value)
- You are a first-time buyer or have previously owned a home, but cannot afford to buy outright at the moment
- The shared ownership home will be your only home
- You have passed an Affordability Check
- You have registered with a Help to Buy Agent (ask our team for more details)
The Benefits of Buying a Strata Home With Home Reach
- There’s no need to keep moving and upsizing - you can buy your forever home now
- Smaller mortgage and deposit requirements mean lower mortgage payments now
- You can live in your home now and buy the remaining share whenever you feel ready
- The scheme is flexible to your needs; any share from 50% to 75% can be purchased.
- If you choose to sell your home, you can list it at the share price, increasing the amount of potential buyers
- You will enjoy the same journey and benefits as any other Strata homebuyer, including customising your new home with options and following the build progress, as well as a two year warranty and aftercare service.
- Home Reach homes have a 125 year lease which is also a government lease.
Disclaimer: Not available with Part Exchange or the Assisted Selling schemes. Stamp duty is payable on the share purchased.