Home Reach

With Home Reach, you buy a share of your chosen home and pay a low monthly rent on the part you don’t buy. Available on selected developments only.

Home Reach is about making home ownership possible.

  • With Home Reach you buy a share of your chosen newly built home and pay a monthly rent on the part you don’t buy. Your budget will decide the size of the share you buy, rather than the size of your home. So, you might decide to buy a bigger share of a lower priced home or a smaller share of a more expensive home.
  • You are able to 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 5% deposit. The larger your deposit (typically 10%) the lower your mortgage repayments are likely to be.
  • To start with, you can purchase from 25% to 75% of your chosen home and heylo will become your landlord granting you a 125-year lease. This means you will be able to live in the home as if you’ve bought it outright. Heylo Housing is a residential property company with a long term investment strategy to provide affordable housing across the UK. In partnership with a leading Local Authority and backed by significant pension fund investment it plans to deliver a unique suite of housing solutions and drive significant shared ownership affordable housing across the UK.
  • On the share you do not purchase, you will pay rent of 2.75% of the unsold value, this will be paid monthly via direct debit. You can purchase more shares in the future until you own the whole property and stop paying rent altogether.
  • Starting shares, vary across developments. For more information on the shares available, the sales representatives at the development you would like to buy at will be able to guide you.

Seven reasons for using Home Reach

  • Deposits for Home Reach properties can be significantly lower than those for equivalent properties purchased via a traditional mortgage. This is because part buy - part rent deposits are determined by the share of the property you buy, not the value of the property you wish to live in.

  • Part buy - part rent provides the security of home ownership. Home Reach can help you open the door to a house you can permanently call home. For a younger generation, part buy – part rent offers hope of owning a dream home and freeing them from the permanent rent trap!

  • Home Reach gives you the freedom for home improvements. Rented properties often restrict your ability to make improvements, making it feel like you’re never really settled. —but with Home Reach properties, you can decorate and even transform existing spaces in a way that reflects your own tastes, truly making your house a home. 

  • Starting with a minimum property share of 25 per cent or a maximum of 75 per cent, with part buy – part rent you can increase the share of the Home Reach property you own at any time. Without the upheaval of having to move, you can increase the potential value you hold in property. Should you wish to move, you can sell and reap the rewards. This means part buy – part rent can suit whatever stage of life you’re at and offer you the flexibility you need.

  • Part buy – part rent means having the freedom to sell your share and move property at any time—and you won’t be tied down by fixed-term contracts. Your 125-year lease offers you both security and freedom from being tied down by restrictive fixed-term contracts, which may affect your work and lifestyle

  • Part buy – part rent is an investment. When you purchase a part rent – part buy property, you have the opportunity to benefit from an increase in property prices when you choose to sell and move on.

  • Part buy – part rent means the elimination of Stamp Duty for first-time buyers on properties valued up to £500,000.

As with any long-term financial commitment, part buy – part rent requires you to meet various eligibility criteria.
We want to make this process as transparent and simple as possible, so read on for the key criteria to see if you’re eligible to buy a Home Reach home in England

  • The first thing to consider is your income. To be eligible, your household income cannot exceed £80,000.
  • Secondly, you must be either a verified first-time buyer, or if you used to own a home but don’t anymore and then you must be in the position that you can’t currently afford to buy outright again.

    Many divorcees opt for part buy – part rent, finding the fact that they can own a share in a property by themselves highly empowering.

    Part buy – part rent properties prove especially popular with armed forces personnel. With the Forces Help to Buy scheme, servicemen and servicewomen can apply to borrow up to 50 per cent of their salary (up to a maximum of £25,000) to help buy their first home.

    Only military personnel are given priority over other buyers in government-funded shared ownership schemes. Different rules may apply to programmes run by individual councils, with priority groups established and based on local housing needs, which can include at-risk individuals and disabled people

  • To verify your financial circumstances as part of the eligibility criteria, an independent financial assessment will verify your capacity to pay the monthly costs you’ll need to maintain residence in your property.

    An independent financial assessment is carried out by an appropriate financial expert (known as an IFA, independent Financial Advisor or IMA, independent Mortgage Advisor). This enables you to take out a mortgage and demonstrate your ability to pay the monthly costs that allow you to purchase your share in the property.

    To determine the share of a part buy – part rent property you can afford, your independent mortgage advisor will help you use Homes England’s eligibility and affordability assessment calculator. This takes into account all your financial earnings and outgoings in order to determine what you can afford.

    When you have completed the assessment, your advisor will inform you of the share you are able to buy, including the level of deposit you can afford. They will also determine what will qualify as sustainable monthly rent payments for your budget, ensuring you can keep up with monthly repayments today and for the foreseeable future. 

    All buyers must demonstrate a good credit history (no bad debts or County Court Judgements) and can afford the regular payments and costs involved in buying a home. If the buyer is self employed, then they must have 2 years of accounts. For more information on our credit policy talk to our recommended Financial Advisor 

  • To move forward with the purchase of a part buy – part rent property, you must be registered with a Help to Buy agent.

    Help to Buy agents can be found in your local area and your assessment should take no longer than 20 minutes.

    Buyers must have a good credit history, with no bad debts or county Court judgements to their name. They also need to demonstrate that they will be able to afford the regular payments and costs involved when living in a part buy – part rent property.

    Once you are approved with a Help to Buy agent, you will be sent a letter of acceptance and your registration number. It’s imperative that you hold on to these documents and have them to hand when applying for your part buy – part rent property.

    Simply registering your interest for a property on the Home Reach website is not sufficient. To purchase a share in a part buy – part rent property, you must register with a Help to Buy agent.