Home Reach
An affordable Shared Ownership scheme in partnership with Heylo.
Home Reach by Heylo is an affordable Shared Ownership scheme that allows buyers to purchase a share of a new build home and pay a monthly rent on the part they don’t own.
What is Home Reach?
With Home Reach by Heylo, you purchase a portion of your chosen home and pay subsidised rent on the remaining share.
The rent you pay is calculated at 2.75% of the value of the unsold share and is paid monthly by Direct Debit to Heylo. This will increase each year in line with either the Consumer Prices Index (CPI) rate of inflation, plus 1.0%, or the Retail Prices Index (RPI) rate of inflation, plus 0.5%. Please check your lease for confirmation of which mechanism will apply to your home.
While you don’t own your home outright, it will remain leasehold.
You can buy more shares in your home over time, at a pace that suits you. This process is known as staircasing. Once you purchase all shares in your home, you own the home outright and the freehold passes from Heylo to you.
How does the Home Reach Shared Ownership scheme work?
With Home Reach, you can initially purchase a share of your chosen new build home. Typically, this is around 50%, but shares can vary across new build developments and plots.
The rent you pay on your Shared Ownership home is calculated as a percentage of the share you don’t own and will be handled by Heylo, who will become your landlord under a 999-year lease agreement.
The Heylo Home Reach scheme is only available on selected Gleeson homes and developments and differs from outright ownership. Please contact your Gleeson Sales Executive for more information.
Who is eligible for the Home Reach Shared Ownership scheme?
The following points must apply for you to be eligible to purchase a Home Reach Heylo Shared Ownership property.
- Your household income does not exceed £80,000 (joint) per annum
- You have a deposit of at least 5% of the share value (subject to the scheme you use)
- You are a first-time buyer, used to own a home but cannot afford to buy 100% of a property now, or you currently occupy a shared ownership home and are looking to move
- You have passed a financial assessment, demonstrating you are financially able to purchase the minimum share value and support the monthly costs
- You have a good credit history and can afford the regular payments and costs involved in buying a home.
To learn more about Shared Ownership eligibility, visit the Home Reach website.
Home Reach FAQs
Home Reach is a Shared Ownership home buying scheme from Heylo Housing where you can purchase up to 75% of the shares of the property will then rent the rest of the home and have the option to purchase more shares until you own 100% of the property.
Criteria for eligibility may differ depending on the local authority of your chosen development and which Heylo shared ownership scheme you use. At the start of the process, you’ll be asked to complete an online registration form, through which Heylo will collect your information and determine whether you qualify for the scheme.
You can choose to purchase additional shares over time at a pace that suits you, all the way up until you own 100% of your home. This is referred to as ‘staircasing’. To find out more, please speak to a Gleeson Sales Executive.
Want to find out more?
To find out more about the Home Reach Shared Ownership scheme, please speak to a Gleeson Sales Executive.
Available with Heylo Home Reach on selected developments and selected plots only and is subject to eligibility criteria. You must purchase a minimum share of 50% and not more than 75% of your chosen property to qualify and you must have a cash deposit equivalent to a minimum of 5% of the share being purchased. Rent on the unpurchased property value can be subject to an increase of either RPI + 0.5% or CPI plus 1.0% each year. For confirmation of which formula applies to the home you are purchasing, please refer to your lease information. Your home may be repossessed if you do not keep up with repayments on your mortgage or Shared Ownership lease. The property will remain leasehold until the buyer acquires the full 100% equity in the property, at which point the property will become freehold and the Shared Ownership lease will no longer be applicable. Gleeson/Heylo reserves the right to amend, alter, or withdraw the promotion at any time. This scheme cannot be used in conjunction with any other Gleeson offer or incentive unless specifically authorised by Gleeson in its absolute discretion (and subject to lender approval, which may include a minimum buyer contribution). Please speak to our Sales Executive for more information.