Buying a 40% share of a £260,000 home
| Property Value | £260,000 |
|---|---|
| 50% share value | £104,000 |
| 5% deposit | £5,200 |
| Mortgage required | £98,800 |
| Monthly rent | £358 |
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 up 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.
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.
Available on over 200 sites across England with over 80 builders
You only require a deposit for your share, not 100% of the property
A wide range of houses and apartments available across the country
Freedom to decorate and improve your home
Increase your level of ownership at any time
Flexibility to sell and move at any time
We are happy for you to have pets in your home*
Provides the security of home ownership
You can benefit from any increase in property prices
* You may need the permission of the managing agent or developer
