Buyers of new build homes are eligible for the Home Reach shared ownership scheme, where you buy a share of your chosen home and pay rent on the remaining part. You could buy a bigger share of a lower-priced home or a smaller share of a more expensive one.
The Bovis Homes partnership means you can start by purchasing up to 75% of your chosen home. Heylo will grant you a lease and become your landlord. You'll be able to live in your home as if you have purchased it fully. You can buy more of your new build home in the future and stop paying rent on the unpurchased part.
Only selected homes at certain new housing developments are eligible for Home Reach. If you want to find out more about our Heylo houses for sale, contact one of our Sales Consultants.
Heylo launched in September 2014 and created Home Reach, one of the largest homeownership programmes in the UK. It offers a variety of routes designed to make homeownership more accessible.
Bovis Homes is working in partnership with Heylo to offer Home Reach, a shared ownership scheme available on selected properties across the country.
It's easier to buy your dream home with Home Reach thanks to lower monthly payments and smaller deposit requirements.
Choose the home you'd like to buy and a share of between 50% and 75%. However, there are a small number of developments where you can buy a lower percentage.
You can use cash savings or take out a mortgage to purchase your share. Taking out a mortgage generally means you'll need to allow for a deposit of at least 5%. If you put down a larger deposit, your mortgage payments will be lower.
You'll pay an annual rent of 2.75% of the unsold value of the share you don't own via a monthly direct debit.
For example...
| Property Value | £200,000 | £250,000 | £300,000 | £350,000 |
|---|---|---|---|---|
| 50% Share Value | £100,000 | £125,000 | £150,000 | 175,000 |
| 10% Deposit | £10,000 | £12,500 | £15,000 | £17,000 |
| Mortgage(4.75% interest rate) | £90,000 | £112,500 | £135,000 | £157,500 |
| Monthly Mortgage Payments | £440 | £550 | £660 | £770 |
| Monthly Rent | £229 | £286 | £344 | £401 |
| Monthly Combined Cost | £669 | £836 | £1,004 | £1,171 |
| Indicative Income Requirement | £29,000 | £34,500 | £39,500 | £45,000 |
These examples are based on the following assumptions:
These variables can impact the maximum loan available and may mean a higher income or larger deposit.
Your home may be repossessed if you do not keep up the repayments on your mortgage and / or your rent. All figures quoted are for example purposes only and may not always be available.
Find out whether you're eligible to buy one of our new build houses or apartments for sale under Heylo shared ownership. To qualify for the scheme, you must:
Shared ownership properties are not covered under the Consumer Code or New Homes Quality Code (NHQC).
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 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.
