Home Reach
What is Home Reach?
How does part buy-part rent work?
Part buy-part rent is a way to purchase a share in a property. You can pay for your share in cash savings, or by taking out a mortgage. If you are taking out a mortgage, you will need to allow for a minimum of 5% deposit.
You'll be able to live in your home as if you've bought it outright, with our partners, heylo housing acting as your landlord granting you a 125-year lease. As time goes on you can increase the share you own, up to 100% home ownership.
Example based on a £230,000 home*
*Illustrated costs only
What are the benefits?
- Provides security of home ownership
- An affordable way to get onto the housing ladder
- Freedom to decorate and improve your home
- Your budget will decide the share you buy, rather than the size of your home
- Ability to increase the level of ownership at any time
- Flexibilty to sell and move at any time
- Benefit from any increase in property prices
- No Stamp Duty payable for first-time buyers purchasing a Home Reach property, valued up to £500,000.
Who is eligible?
You could buy a Crest Nicholson part buy-part rent home if;
- Your household income does not exceed £80,000 per annum (£90,000 in London)
- You are a first-time buyer or used to own a home, but cannot afford to buy outright and do not currently own a property
- You have passed a financial assessment demonstrating that you are financially able to purchase the share you want to buy support the monthly costs
- You are registered with your local Help to Buy Agent and have been accepted
- The property you will be buying will be your principle and only home
Who are heylo?
Launched in September 2014, heylo works in partnership with housebuilders across England to offer Home Reach, a part buy-part rent option on new build properties.
There’s no catch, it’s not magic, heylo is simply about helping buyers get on, climb up and stay on the property ladder.
For more information on heylo, visit www.heylohousing.com.
*Part buy-part rent based on a 50% share. All figures based on a £230,000 home. Estimated monthly cost is an illustrated figure only, please speak to an Independent Financial Advisor for exact costings. Additional costs such as building insurance, monthly management fee and estate charge are not included in the monthly rent figure or in the estimated monthly cost. Rent is charged at 2.75% of the unsold share value. This increases annually with RPI + 0.5%. Starting shares vary across sites and plots. For more information visit your local Home Reach development. **Assuming rental yield 4.5% per annum.Home Reach buyers guide
Download the Guide to Home Reach for buyers to find out more information on how you can buy part-buy, part-rent with Crest Nicholson.
