Local Nurse Uses Part Buy-Part Rent In Crowthorne

Posted 24 December 2020 by Keith Osborne

Dimitri found the open market in Berkshire too expensive but used Home Reach to purchase a share of a brand new apartment...

Dimitri Upton (32) had been saving for a deposit for two years but was unable to access a mortgage to buy a property outright. Then he discovered Home Reach, a part buy-part rent scheme at Barratt Homes’ Cricket Field Grove development in Crowthorne, Berkshire.

Offered in conjunction with housing association heylo, the scheme allowed him to purchase a 50% share in a one-bedroom apartment earlier this year.

Dimitri was a full-time serving soldier in the British Army, but after leaving the Forces, he decided to retrain and undertook a Nursing degree in Scotland. Once he had completed his degree, Dimitri began saving for a deposit, and relocated down south with his parents to Bordon, Hampshire, a couple of years ago. After spending two years carefully saving, thanks to Home Reach, he was able to buy his first home off-plan in February this year and moved in over the summer.

Now a nurse at a nearby hospital, Dimitri commented: “I started looking at properties about a year-and-a-half ago before I was at the buying stage, as I wanted to see what was out there. It took a couple of years to get my finances in order, but I was pleased to be in a position to put down a larger 15% deposit of £20,000 to buy my first home. I’m really impressed with the apartment, as although it is a one-bedroom, the layout is very spacious.

“Whilst I had a relatively good deposit amount, I was unable to access a mortgage to buy a property outright – so the part-buy part-rent scheme at Cricket Field Grove really suited me. I purchased a 50% share initially, and the plan is to eventually staircase to full ownership, buying more shares as and when I can. I now have the security of owning my own home, which was really important to me.”

Cricket Field GroveDimitri’s new home had reduced his commute to work significantly, as he is now around 15 minutes’ drive away from the hospital. “I needed a new home closer to work – I work 12-hour shifts, so I wanted to be relatively close by to reduce my commute. Cricket Field Grove ticked that box for me,” he said. “I don’t know the area very well, so outside of work I’ve been enjoying exploring Crowthorne. There are lots of shops and facilities nearby, which is perfect for what I need.”

Through Barratt and heylo’s Home Reach scheme, buyers can purchase up to a 75% share of a new home with a 5% deposit, and pay a low monthly rent on the remaining share. Buyers can then purchase more shares through a process known as staircasing, and eventually own 100% of the home.

Lynnette St-Quintin, sales and marketing director at Barratt Southern Counties, commented: “As an increasing number of high street lenders are removing traditionally low loan to value mortgages, first time buyers are finding themselves priced out of the property market. Home Reach aims to break down these barriers to homeownership, by allowing buyers to purchase a share of their home initially. The low deposit requirement and the security of homeownership is an attractive combination for buyers, and we are seeing this method of homebuying growing in popularity.”

Cricket Field Grove is located in Crowthorne village in Berkshire, offering a collection of new apartments and houses in an attractive woodland setting. The high street is just moments from the development, with independent and leading retailers, alongside a variety of cafes, restaurants and pubs. There is also a doctor’s and a dental surgery, pharmacies, and a library. For those looking to enjoy the outdoors, nearby Crowthorne Wood and Wildmoor Heath offer a variety of good walks.

Crowthorne is well connected, with its station offering rail connections to London Paddington via Reading in around 50 minutes, and Gatwick Airport via Redhill in around 70 minutes. Key road links nearby include the A329, M3 and M4, with Reading 26 minutes away by car, while Heathrow Airport can be reached in around 30 minutes.

There are a number of one- and two-bedroom apartments available through Home Reach at Cricket Field Grove, with selected apartments benefitting from balconies overlooking open space or patios. Prices start from £111,995 for a 50% share in a one-bedroom ground floor apartment with a private patio (full market value £223,990).

Find out more about Home Reach at Cricket Field Green from Barratt Homes.

 

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A Guide To Part Buy Part Rent
Part Rent Part Buy is a scheme you can use with Home Reach where you buy a share of your chosen newly built 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. So, you might decide to buy a bigger share of a lower priced home or a smaller share of a more expensive 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 to allow for a minimum of 5% deposit. The larger your deposit (typically 10%) the lower your mortgage repayments are likely to be.

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