Homebuyers may have heard the name of the popular new initiative that’s helping thousands of people afford the space they really need, so here’s what you need to know…
Working in partnership with heylo, Linden Homes is offering Home Reach on selected properties at Barleyfields in Ashchurch.
Home Reach is a part-buy-part-rent scheme where you buy a share of your chosen home and pay a low monthly rent on the rest – heylo will become your landlord, granting you a 125-year lease and you will be able to live in your home as if you've bought it outright.
Wayne Bennett, director of Home Reach, explains: “Home Reach can enable people to secure their perfect home when they didn’t think it was possible by taking out a mortgage for a share (up to 75 per cent) of the property and paying a low monthly rent on the other portion; customers can then pay more money into their property at any time.”
For example, at Barleyfields in Ashchurch, The Mylne is available with Home Reach from £172,995, with a 50 per cent share. The spacious four bedroom property features an open plan kitchen and dining area, separate living room, downstairs toilet, master bedroom with an en-suite shower room, two further bedrooms and a family bathroom.
Sue Scholfield, sales and marketing director at Linden Homes, said: “Home Reach is perfect for first time buyers, or people who have had a relationship break up – where you still need the same number of bedrooms but you don’t have the same income. Not only do homebuyers get to choose whether they buy a bigger share of a lower priced home or a smaller share of a more expensive one, but there are smaller deposit requirements and the lower monthly payments make it easier for customers to buy the home they need.”
To be eligible for the Home Reach scheme:
- Your household income cannot exceed £80,000
- You must have a deposit of at least five per cent of the share value
- The property must be your only home
- You must pass financial affordability tests
Sue added: “Home Reach works so well for people who need a bit more space for their money, while offering them flexibility and security – it’s a brilliant initiative and we’re delighted to be able to offer the scheme in Ashchurch.
“It’s very easy to do the maths yourself and think buying a home is out of reach so please talk to us as there are many initiatives for new builds that are designed to help.”
Launched in 2014, heylo has created one of the largest home ownership programmes in the UK. For more information, visit www.lindenhomes.co.uk/schemes/home-reach or call Barleyfields on 01684 882383.
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Contact: Emma Mackay, Linden Homes, 077383 12960; emma.mackay@lindenhomes.co.uk
