Home Reach Flex
An affordable Shared Ownership scheme in partnership with Heylo.
The Home Reach Flex Shared Ownership scheme has been designed by Heylo to help first-time buyers and home movers, who may not otherwise have the necessary income and/or deposit, to buy a home that is right for them.
What is Home Reach Flex?
With Home Reach Flex, you can buy a share of your chosen Gleeson home and pay a monthly rent on the part you don’t own. You can purchase your share in either cash savings or by taking out a mortgage. If you are taking out a mortgage to finance your share, you will need to allow for a minimum of 10% deposit of the share being purchased.
On the share you do not purchase, you will pay rent of 3.25% of the value of the unsold value, which will be paid monthly via Direct Debit to Heylo. This will increase annually at 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.
During the period when you do not own the home outright, the home will remain a leasehold. You can choose to 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 Flex Shared Ownership scheme work?
With Home Reach Flex, you can initially purchase a share of your chosen new build home, typically around 50%. The rent you pay is calculated as a percentage of the share you don’t own and will be handled by Heylo, who will become your landlord, granting you a 999-year lease agreement.
If you choose to sell your home before staricasing to full ownership, you will need to supply Heylo with a RICS valuation of the home. Once approved by Heylo, you are free to sell your home on the open market
The Home Reach Flex scheme is only available on selected Gleeson homes and developments and is different from outright ownership. Please contact your Gleeson Sales Executive for more information.
Who is eligible for the Home Reach Flex Shared Ownership scheme?
The following points must apply for you to be eligible to purchase a Home Reach Flex Heylo Shared Ownership property.
- Your household income does not exceed £100,000 (joint) per annum
- You have a deposit of at least 10% 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 cost
- You have a good credit history and can afford the regular payments and costs involved in buying a home
For more information, please visit: https://homereachflex.co.uk/eligibility
Home Reach Flex FAQs
Home Reach is a Shared Ownership home buying scheme from Heylo Housing, where you can purchase up to 65% 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 Housing shared ownership scheme you use. At the start of the process, you’ll be asked to complete an online registration and eligibility form, through which Heylo will collect your information and determine whether you qualify for the scheme.
Once you’ve completed your initial purchase, you can choose to purchase more shares over time. This is referred to as ‘staircasing’. You can do this at any time that suits you, all the way up until you own 100% of your home. To find out more, please speak to a Gleeson Sales Executive.
Want to find out more?
To find out more about the Home Reach Flex Shared Ownership scheme, please speak to a Gleeson Sales Executive.
Available with Heylo Home Reach Flex 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 65% of your chosen property to qualify and you must have a cash deposit equivalent to 10% 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 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.