Home Reach

 

New Shared Ownership Homes

Working in partnership with heylo to offer Home Reach, a shared ownership scheme on selected homes.

HOW IT WORKS

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What is Home Reach?

Home Reach is a shared ownership scheme for buyers of new build homes. With Home Reach, you buy a share of your chosen home and pay a monthly rent on the remaining part. 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 Bovis Homes partnership, you can initially purchase up to 75% of your chosen home and heylo will become your landlord, granting you a lease. This means you will be able to live in your home as though you've bought it outright. In the future, you can buy more of your new build home and stop paying rent on the other part. Home Reach is only available on selected homes at certain developments. Please contact one of our sales consultants to find out more.

 

Who are Heylo?

Launched in September 2014, heylo has created one of the largest home ownership programmes in the UK, offering a number of different routes to ensure owning your own home is accessible.

Bovis Homes are working in partnership with heylo to offer Home Reach, a shared ownership scheme available on selected properties across the country.

 

Home reach - helping you get on, climb up and stay on the property ladder.

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

You decide how much of your home you would like to buy, with shares between 50% and 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, then 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 annual rent of 2.75% of the unsold value. This will be paid monthly by direct debt.

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).

Who is eligible for Home Reach?

If the prospect of a shared-ownership scheme to help you buy a new build home sounds exciting, the next step is checking you’re eligible.

To qualify for the scheme, you must:

  • Not have a household income of more than £80,000 per annum for homes outside of London.
  • Have a deposit (at least 5% of the share value).
  • Be a first-time buyer or have owned your own home previously, but cannot afford to buy outright now.
  • Plan to live in the shared ownership property as your principle and only home.
  • Pass a financial assessment, demonstrating you are financially able to purchase the minimum share value and support the monthly costs.
 

More ways we can help you move

Deposit Unlock

With Deposit Unlock you could purchase a new Bovis Home up to the value of £750,000 with just a 5% deposit!

Home Exchange

Moving house is stressful enough already, so we aim to alleviate some of that stress. With Home Exchange you can have peace of mind knowing that we are your guaranteed buyer.

Smooth Move

Smooth Move is our scheme for all existing property owners to save time and money. We deal with the estate agents to sell your home and even pay the estate agents’ fees!

Introduce a Friend

Know someone who’d love a new Bovis Home? Introduce a friend and we’ll give you £500* when they buy from us.

Deposit Unlock

With Deposit Unlock you could purchase a new Bovis Home up to the value of £750,000 with just a 5% deposit!

Home Exchange

Moving house is stressful enough already, so we aim to alleviate some of that stress. With Home Exchange you can have peace of mind knowing that we are your guaranteed buyer.

Smooth Move

Smooth Move is our scheme for all existing property owners to save time and money. We deal with the estate agents to sell your home and even pay the estate agents’ fees!

Introduce a Friend

Know someone who’d love a new Bovis Home? Introduce a friend and we’ll give you £500* when they buy from us.

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, Vistry Ventures 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.