Home Reach is a part-buy-part-rent scheme where you buy a share of your chosen home and pay a low monthly rent on the rest heylo will become your landlord, granting you a 125-year lease and you will be able to live in your home as if you’ve bought it outright.
Wayne Bennett, director of Home Reach, explains:
“Home Reach can enable people to secure their perfect home when they didn’t think it was possible by taking out a mortgage for a share (up to 75 per cent) of the property and paying a low monthly rent on the other portion; customers can then pay more money into their property at any time.”
For example, at Spinnaker in Westbury where Wates Developments is working in a joint venture partnership with Linden Homes The Ashbee is available with Home Reach from £119,995, with a 50 per cent share. The two bedroom apartment includes an open plan kitchen, dining and living area with a Juliet balcony, a family bathroom, a master bedroom with an en-suite, a second bedroom, garage and parking space. Also available with Home Reach is The Burnet from £182,500, with a 50 per cent share. Set over three storeys, the four bedroom townhouse boasts a large living room, kitchen and dining area, downstairs toilet, a master bedroom with an en-suite, three further bedrooms and a bathroom.
To be eligible for the Home Reach scheme:
- Your household income cannot exceed £80,000
- You must have a deposit of at least five per cent of the share value
- The property must be your only home
- You must pass financial affordability tests
Sue Scholfield, sales and marketing director at Linden Homes, said:
“Home Reach works so well for people who need a bit more space for their money, while offering them flexibility and security it’s a brilliant initiative and we’re delighted to be able to offer the scheme in Westbury.
“It’s very easy to do the maths yourself and think buying a home is out of reach so please talk to us as there are many initiatives for new builds that are designed to help.”