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Home Reach is the key to home ownership, we offer a new route to home ownership, by helping frustrated first-time buyers take their crucial first steps onto the property ladder through part buy – part rent homes, also known as shared ownership.
Buying with Home Reach is an affordable way for many people to own their own home, because, when purchasing a shared ownership property, you pay low monthly rent and mortgage payments. Deposit payments are also be considerably lower when compared to traditional ownership.
With Home Reach, you can buy a share of a house from 25% to 75%. You would then pay rent on the remaining share you did not purchase and this is paid monthly.
When you purchase a share of Home Reach property – you pay 2.75% rent per month on the remaining unpurchased share of the property via direct debit.
This is because Home Reach is backed by Homes England, a government-backed scheme to fund affordable new housing in England.
Home Reach shared ownership property shares are purchased with a minimum 5% deposit (typically 10%).
Unlike traditional mortgages, part buy – part rent deposits are calculated by the value of the share you purchase, rather than 100 per cent of the property.
With the flexibility of part buy – part rent, you have the option to purchase a larger share of a lower priced home or a smaller share of a more expensive home.
You decide on the share of the property you wish to own, starting from a minimum of 25%. You can increase your share at any time during your lease, this is called staircasing.
Once you own the whole property, you stop paying rent altogether. You can buy more shares or sell at any time.
As with any long-term financial commitment, shared ownership requires you to pass various eligibility criteria.
You are eligible to purcahse a Home Reach home in England & Wales if:
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