What is Home Reach?
Home Reach is about making homeownership accessible!
With Home Reach, you buy a share of your chosen home and pay a low monthly rent on the part you do not buy. You get to choose whether you buy a bigger share of a cheaper home or a smaller share of a more expensive home.
You can initially purchase up to 50% of your chosen home and Heylo Housing will become your landlord, granting you a 125-year lease. This means you will be able to live in your home as if you’ve bought it outright. You can buy more of your home in the future and stop paying rent on that part.
6 Reasons for using Home Reach
- An affordable way to get onto the housing ladder
- Provides security of homeownership
- Freedom to decorate and improve your home
- Ability to increase the level of ownership at any time
- Flexibility to sell and move at any time
- Benefit from any increase in property prices
You are eligible to purchase through Home Reach from Allison Homes if:
Your household income does not exceed £80,000 per annum
You have a deposit (at least 5% of the share value)
You are a first-time buyer or used to own a home, but cannot afford to buy outright now
You currently occupy a shared ownership property and are looking to move
The shared ownership property will be your principle and only home
You have good credit history and pass a financial assessment, demonstrating you are financially able to purchase the minimum share value and support the monthly costs