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Home Reach
Home Reach is a shared ownership scheme that makes home ownership more affordable by allowing you to buy a share of a newbuild 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.
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 a minimum of 5% deposit of your share.
To start with, you can purchase up to 75% of your chosen home and Heylo will become your landlord granting you a lease.
You can purchase more shares in the future until you own the whole property and stop paying rent altogether.
Home Reach Flex
Home reach Flex is a shared ownership scheme that works the same way as the standard Home Reach scheme but gives you a little bit more flexibility.
You buy a share of a newbuild home and pay a monthly rent on the part you don't buy but Home Reach Flex lifts the maximum household income you can earn to £100,000 per annum and also makes moving on easier by doing away with the shared ownership nomination period when you come to sell.
You will need a 10% deposit of your share and can initially can purchase up to 75% of your chosen home. Heylo will become your landlord granting you a lease.
Once more, you can purchase more shares when you are ready until you own the property outright and stop paying rent.
Your Home
The Your Home scheme is a little bit different. Unlike traditional shared ownership scheme, Your home is only available on pre-owned homes. You still buy a share you can afford, with shares up to 75% available. You need a minimum share of 25% as a cash deposit, and then pay a monthly rent on the part you don’t buy.
No mortgage is required but you can use a mortgage on top of your 25% cash deposit to purchase a larger share if you wish to.
Like with standard Shared Ownership, you can purchase more shares in the home until you own 100% of the property and stop paying rent.
Home Reach Resales
When a current Heylo Homeowner on the Home Reach scheme chooses to sell their home, our lease provides the opportunity to market the property to those looking to purchase on Shared Ownership.
Click the lick to view the homes currently available on resale.
