Part buy, part rent
Home Reach.... Making Homes Accessible
Picture this. You really want to buy a property but with the current high prices, you simply do not have sufficient funds to buy at full price, let alone have the huge deposit needed.
You have heard about 'Part buy, part rent' or ‘Shared ownership’ schemes but have this type of purchase isn't for you, right?
You may be wrong. This type of scheme probably isn't what you think it is.
With Home Reach you can buy a share of your chosen newly built home and pay a monthly rent on the part you don't buy. Your budget will decide the size of the share you buy rather than the size of your home. So, you might decide to buy a bigger share of a lower priced home or a smaller share of a more expensive home.
You can initially purchase up to 75% of your chosen home and heylo will become your landlord, granting you a 125 year lease. This means you will be able to live in your home as if you've bought it outright. You can buy more of your home in the future and stop paying rent on that part.
Below are images of a BRAND NEW HOME which is available of a more affordable basis. Part buy part rent means that you can still buy even if you have a small deposit, subject to application.
Why Home Reach?
- An affordable way to get onto the housing ladder
- Provides security of home ownership
- Freedom to decorate and improve your home
- Ability to increase the level of ownership at any time
- Benefit from any increase in property prices
- Your household income does not exceed £80,000 per annum for homes outside of London (£90,000 in London)
- You have a deposit (at least 5% of the share value)
- You are a first time buyer or used to own a home, but cannot afford to buy 100% of a property now
- The property will be your principle and only home
- You have passed a Homes Affordability calculator, demonstrating you are financially able to purchase the share value and support the monthly costs
- You have registered with a Help to Buy Agent
What do I do now?
Before anything else, we need to know that you qualify for the scheme. This will take about 10 minutes, afterwhich, your application will be assessed. If you qualify, you will need to contact us to view suitable properties. The Housing company is 'Heylo Housing'