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 its Spinnaker development in Westbury.
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 Spinnaker in Westbury – where Linden Homes is working in a joint venture partnership with Wates Developments – The Ashbee is available with Home Reach from £119,995, with a 50 per cent share. The two bedroom apartment includes an open plan kitchen, dining and living area with a Juliet balcony, a family bathroom, a master bedroom with an en-suite, a second bedroom, garage and parking space. Also available with Home Reach is The Burnet from £182,500, with a 50 per cent share. Set over three storeys, the four bedroom townhouse boasts a large living room, kitchen and dining area, downstairs toilet, a master bedroom with an en-suite, three further bedrooms and a 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:
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 Westbury.
“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 Spinnaker on 01373 441310.
-ENDS-
Contact: Emma Mackay, Linden Homes, 077383 12960; emma.mackay@lindenhomes.co.uk
References to “we”, “us” or “our” are to the part of the Vistry Group (including Linden Homes, Bovis Homes, Countryside Homes, Drew Smith, Vistry Ventures or one of Vistry’s joint venture companies) from which you are intending to purchase a new home. References to "you” and “your” are to the prospective buyer or buyers of a new home from us.
All images are used for illustrative purposes only and are representative only. They may not be the same as the actual home you purchase and the specification may differ. Images may be of a slightly different model of home and may include optional upgrades and extras which involve additional cost. Individual features such as windows, brick, carpets, paint and other material colours may vary and also the specification of fittings may vary. Any furnishings and furniture are not included in any sale. Please check with our sales consultants for details of the exact specifications available at the development(s) for each type of home and the associated prices.
