Part-buy, Part-rent

 

New Shared Ownership Houses

Working in partnership with heylo to offer Home Reach, a Part-buy, Part-rent option on selected homes.

HOW IT WORKS

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What is Home Reach?

Home Reach is a scheme for shared ownership of new build homes. With Home Reach, you buy a share of your chosen home and pay a low monthly rent on the part you don't buy in a part-buy part-rent scheme. 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 on 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 Part-buy, Part-rent option 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 Part-buy, Part-rent 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

Help to Buy

The government’s Help to Buy scheme lends first-time buyers up to 20% with an equity loan – meaning you can access competitive lending rates for the maximum of 75% mortgage deal.

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.

Help to Buy

The government’s Help to Buy scheme lends first-time buyers up to 20% with an equity loan – meaning you can access competitive lending rates for the maximum of 75% mortgage deal.

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 a new build ownership solution brought to you by heylo housing group. The Home Reach shared ownership scheme cannot be used in conjunction with any other Bovis Homes purchase scheme, offer or promotion. Subject to affordability criteria as prescribed by Homes England. Subject to individual mortgage lender qualification and affordability criteria. More information on eligibility and affordability of using Home Reach to purchase your home can be found at www.homereach.org.uk

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP PAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

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.