With our Part-buy, Part-rent 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 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. Home Reach is only available on selected homes at certain developments. Please contact on of our sales consultants to find out more.
Launched in September 2014, heylo has created one of the largest homeownership programmes in the UK. Offering buyers several different Part-buy, Part-rent 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.
Smaller deposit requirements and lower monthly payments make it easier to buy the new home you've always wanted.
With Home Reach's Part-buy, Part-rent 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 increasing by RPI + 0.5% each year. 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).
You are eligible to purchase a Home Reach property in England or Wales if:
Home Reach is a new build ownership solution brought to you by heylo housing group. The Home Reach Part-buy, Part-rent scheme cannot be used in conjunction with any other Linden Homes purchase scheme, offer or promotion. Subject to affordability criteria as prescribed by the Homes and Communities Agency. Subject to individual mortgage lender qualification and affordability criteria. Shares of up to 75% of the home are available. Prices advertised can represent up to a 75% share of the home. More information on eligibility and affordability of using Home Reach to purchase your home can be found at www.homereach.org.uk
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP PAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.
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.