Home hunters who feel locked out of the property market could find the key at a range of Bovis Homes locations, where a variety of homes are available with a new, affordable buying option.
Bovis Homes is working in partnership with residential property provider heylo to offer Home Reach, a part-buy part-rent option on selected properties at the popular new location.
Kevin Wilkins, marketing director, explained: “Home Reach provides an affordable way to get on the housing ladder – offering the security of home ownership with the flexibility to sell and move at any time.
“You decide how much of your Bovis Home you would like to buy, with shares between 50% and 75%, and typically you will need to allow for at least a 5% deposit of the cost of your share. On the share you don't own, you will pay rent of 2.75% and you can increase your level of ownership at any time – and as the part-owner you have the freedom to personalise and improve the property and benefit from any increase in value.”
As an illustration only, if you were buying a home for £250,000, you could buy a 50% share of £125,000, including a deposit of £12,500 (10%) and a mortgage of £112,500. With a 25-year repayment mortgage on a 3.5% interest rate, the monthly payments should be around £570. Your rental payments on the half of the home that heylo owns would be £286, leaving a combined monthly outlay of around £856.
Buyers are eligible to purchase a Home Reach property as their principle and only home if their household income does not exceed £80,000 per annum and they have a deposit of at least 5% of the share value. It is available for first-time buyers and former home owners who cannot afford to buy outright, as well as buyers who currently occupy a shared ownership property and are looking to move.
All buyers will need to pass a financial assessment, demonstrating they are financially able to purchase the chosen share value and support the monthly costs.
“For many people this will be the home buying solution they have waited for and the perfect opportunity to get on the property ladder,” said Kevin. “We're delighted to be working with heylo and look forward to making hundreds more homebuying dreams come true.”
For more information go to www.bovishomes.co.uk.
YOUR HOME MAY BE REPOSSED IF YOU DO NOT KEEP UP PAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT