Ocean Rise - Home Reach explained
25 Nov 2020
Working in partnership with heylo, Bovis Homes is offering Home Reach on selected homes at its Ocean Rise development in Hayle. 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… 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 Ocean Rise in Hayle there is a two bedroom apartment available with Home Reach from £88,750, with a 50 per cent share. Emma Smith, sales and marketing director at Bovis 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 ?" as you get to choose whether you buy a bigger share of a lower priced home or a smaller share of a more expensive one. We’ve also seen military personnel and people relocating, as smaller deposit requirements and lower monthly payments make it easier for customers to buy the home they need. “Home Reach helps so many different people. It’s very easy to do the maths yourself and think buying a home is out of reach so do please talk to us as there are many initiatives for new builds that are designed to help.” 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 Dawn, 55, is an NHS senior healthcare assistant and bought a two bedroom apartment at a Vistry development, which includes Bovis Homes and Linden Homes. She commented: “I’ve had a great experience moving and Home Reach has enabled me to get the extra space I need. I have a mortgage on 50 per cent of my home and pay a low rent on the other half. It’s a fantastic scheme and I love the flexibility it provides, as I can easily pay more into the property at any time but know it is mine and that I’ve invested wisely. “Home Reach has given me the opportunity to buy a new home and I couldn’t be happier. I’ve had a great experience and want to shout about it so others are aware of how helpful the scheme is ?" I couldn’t have moved without it.” Emma 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 Hayle.” Heylo launched in 2014 and has created one of the largest home ownership programmes in the UK. For more information, visit www.bovishomes.co.uk/information-on/home-reach/ or call 01736 667002 to find out more.