Home Reach

 

What is Home Reach?

Home Reach is a shared ownership scheme that allows buyers of new homes to purchase a share of their chosen home and pay a monthly rent on the remaining part.

HOW IT WORKS

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What is Home Reach?

With our shared ownership scheme, you get to choose whether you buy a bigger share of a lower priced home or a smaller share of a more expensive one.

With the Linden Homes partnership, you can initially purchase up to 75% of your chosen new shared ownership house and Heylo will become your landlord, granting you a 999-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. Home Reach is only available on selected homes at certain developments. Please contact one of our sales consultants to find out more.

 

Who is heylo?

Launched in September 2014, heylo has created one of the largest homeownership programmes in the UK. Offering buyers several different shared ownership schemes, heylo aims to make owning a home possible.

Home Reach is simply about helping you get on, climb up and stay on the property ladder with new shared ownership houses.

 

Home Reach... A more affordable way to buy

Smaller deposit requirements and lower monthly payments make it easier to buy the new home you've always wanted.

With Home Reach's shared ownership scheme, you decide how much of your home you would like to buy, with shares up to 75% (on a small number of developments there is the opportunity to purchase a lower percentage).

You can purchase your share with either cash savings or by taking out a mortgage. If you are taking out a mortgage to finance your share, you will typically need to allow for at least a 5% deposit. The larger your deposit, the lower your mortgage payments will be.

On the share you don't own, you will pay rent of 2.75% of the unsold value. This will be paid monthly by direct debit.

For example...

 
Property Value £150,000 £200,000 £250,000 £300,000 £350,000
50% Share Value £75,000 £100,000 £125,000 £150,000 175,000
10% Deposit £7,500 £10,000 £12,500 £15,000 £17,000
Mortgage(3.5% interest rate) £67,500 £90,000 £112,500 £135,000 £157,000
Monthly Mortgage Payments £341 £455 £569 £676 £789
Monthly Rent £172 £229 £286 £344 £402
Monthly Combined Cost £513 £684 £855 £1020 £1190
Indicative Income Requirement £20,000 £26,000 £33,000 £37,413 £43,536

Source: heylo housing Jan 2018
Figures above are based on a 25 year repayment mortgage and a Home Reach lease with an initial rent of 2.75% on the unpurchased property value. Depending on the terms of your lease, your rent will be reviewed by reference to either the Retail Price Index (RPI) + 0.5% or the Consumer Price Index (CPI) + 1%. Your home may be repossessed if you do not keep up with payments on your mortgage or shared ownership lease. Additional service charges may be payable on properties with communal facilities or services. You will also need to consider the responsibilities and associated costs involved with owning a home (such as insurance and maintenance).

Who is eligible for Home Reach?

You are eligible to purchase a Home Reach property in England or Wales if:

  • Your household income does not exceed £80,000 per annum (for homes outside of 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 outright now
  • The property will be your principal and only home
  • You have passed a financial assessment, demonstrating you are financially able to purchase the minimum share value and support the monthly costs
  • Shared ownership properties are not covered under the Consumer Code or NHQC (New Homes Quality Code).
 

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More ways we can help you move

Deposit Unlock

Deposit Unlock means that whether you're looking to make your first or next move, a dream Linden Home could be yours with just a 5% deposit.

Home Exchange

Stuck in a chain or have a home to sell? We could buy your current home when you buy one of ours with Home Exchange.

Smooth Move

Have a home to sell? We could help sell it for you, so you can buy one of ours with Smooth Move! We could even save you time and money.

Introduce a Friend

Introduce your friends to Linden Homes and if they buy from us we’ll give you £500* to say thank you.

Deposit Unlock

Deposit Unlock means that whether you're looking to make your first or next move, a dream Linden Home could be yours with just a 5% deposit.

Home Exchange

Stuck in a chain or have a home to sell? We could buy your current home when you buy one of ours with Home Exchange.

Smooth Move

Have a home to sell? We could help sell it for you, so you can buy one of ours with Smooth Move! We could even save you time and money.

Introduce a Friend

Introduce your friends to Linden Homes and if they buy from us we’ll give you £500* to say thank you.

Still haven't found what you're looking for?

Home Reach is available on our selected new build homes only, subject to contract and eligibility criteria. Home Reach is a new build shared ownership solution brought to you by heylo housing group. The Home Reach scheme cannot be used in conjunction with any other purchase scheme, offer or promotion from us. Subject to affordability criteria as prescribed by Homes England. Subject to individual mortgage lender qualification and affordability criteria. To take advantage of this offer you must claim before reserving a new home from us and before any other discount is applied. Offer may be withdrawn at any time prior to reservation. We may also require evidence of your financial ability to proceed with the purchase of a new home from us. Shares of up to 75% of the new home are available. Prices advertised can represent up to a 75% share of the new home. More information on eligibility and affordability of using Home Reach to purchase your new home can be found at www.homereach.org.uk and Home Reach is also subject to the terms and conditions of heylo housing group. This offer is not to be used in conjunction with any other offer, discount, promotion or scheme. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it. Subject to individual lender terms and conditions. Our usual reservation and sales terms and conditions also apply. Please speak to one of our sales consultants for more details.

References to “we”, “us” or “our” are to the part of the Vistry Group (including Linden Homes, Bovis Homes, Countryside Homes, Drew Smith 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.