Home Reach is about making home ownership accessible! With Home Reach, you buy a share of your chosen home and pay a low monthly rent on the part you don’t buy. You get to choose whether you buy a bigger share of a cheaper home or a smaller share of a more expensive home. You can initially purchase up to 75% of your chosen home on selected developments 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.
So how does part buy-part rent compare against renting or buying? Here is an example above based on a £230,000 home. (Diagram source: https://www.homereach.org.uk/info/how-does-part-buy-part-rent-work)
Six Reasons for using 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
- Flexibility to sell and move at any time
- Benefit from any increase in property prices
You are eligible to purchase through Home Reach at selected plots at Scarsdale Green if:
- Your household income does not exceed £80,000 per annum.
- 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.
- You currently occupy a shared ownership property and are looking to move.
- The shared ownership property will be your principle 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.