Customer Story...

When Wendy and Iain’s (both 61) new business venture didn’t work out, they had to reassess their living situation; re-mortgaging was made difficult by their age, the mortgage repayments on their four-bedroom townhouse were less manageable and they lived a distance from friends and family. Their options seemed limited, but they were thrown a lifeline when their daughter recommended looking into part-buy part-rent scheme, Home Reach. Wendy and Iain were surprised and delighted to discover that, even in their new circumstance, they could stay on the property ladder and comfortably afford a four-bedroom family house in Pontefract, West Yorkshire. 

Home Reach enables people to buy a share of their chosen new-build home and pay monthly rent on the share they don’t own. You are eligible to buy a Home Reach property if your household income does not exceed £80,000 per year, or £90,000 in London, and you do not currently own a property. Buyers can purchase their new home with cash savings, or with a mortgage for which a deposit of at least 5% will be required. The homeowner’s budget will decide the size of the share they buy; buyers might decide to purchase a bigger share of a lower-priced or smaller home, or a smaller share of a larger one. 

Wendy, a pharmaceutical dispenser, says: “We were feeling deflated after our plans for our pub didn’t work out. We wanted to be close to our friends and family, especially during a difficult time, but moving didn’t seem like a realistic option – we thought we’d have to rent. When our daughter did some research and found Manor Park, a new development in Pontefract by Linden Homes where houses were available with Home Reach, we booked a viewing immediately.” 

She continues: “We took a look around the development and fell in love. When we found out more details about how Home Reach works, it all sounded too good to be true. We were nervous about applying for a mortgage at our age, but we were pleasantly surprised to find we were able to easily obtain a short-term one because we were using Home Reach. What’s more, the house was far better suited to our needs than our current home.”

Wendy and Iain purchased a 53 per cent share worth £140,000 (full price £265,000), putting down a deposit using the sale of their former home in Doncaster, and moved in during March 2020, just before lockdown. Wendy says: “Our monthly mortgage and rent repayments come to around £1,200 a month, which is more than manageable for us.”

Wendy continues: “We love the layout of our home; we use the study downstairs as a home gym and one of the bedrooms is used as Iain’s office as he’s working from home following the pandemic. The other bedrooms are also ideal for when we have guests. We have a garage and a drive too, so parking is never an issue for us.

“There’s also plenty of room for our grandchildren, who we can see a lot more now we live closer – the garden is much bigger than that we had before and is idyllic, especially in the summer months. From our house we overlook fields, so there’s a real sense of tranquility and peace and it makes taking our dog for a walk a real treat.” 

Wendy concludes: “We are just so much happier now – life really threw a curveball at us, but we’re very proud to be back on our feet, in a home we love. Home Reach has given us a chance to be close to family and meant we don’t have to give up owning our own home. And it’s not just designed for people like us – our son has just used the scheme to help him get onto the property ladder! We couldn’t recommend it enough to anyone who thinks that moving out and buying a home of their own isn’t possible – Home Reach could be that stepping stone for you.”