Home Reach in North East England
New Homes from Home Reach starting from £64,998
From £124,998 (50% share)
Marwood, County Durham DL12
Tindale Crescent, County Durham DL14
From £139,995 (50% share)
Morpeth, Northumberland NE61
WhatHouse? Location Ratings explained here From £105,000 (50% share)
Cornsay Colliery, County Durham DH7
WhatHouse? Location Ratings explained here Home Reach is about making home ownership possible.
Working with housebuilders across England to offer Home Reach, a Shared ownership option on new build properties.
With Home Reach 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.
To start with, you can purchase up to 75% of your chosen home and heylo will become your landlord granting you a 125-year lease. This means you will be able to live in the home as if you’ve bought it outright.
On the share you do not purchase, you will pay rent of 2.75% of the unsold value, this will be paid monthly via direct debit. You can purchase more shares in the future until you own the whole property and stop paying rent altogether.
Starting shares, vary across developments. For more information on the shares available, the sales representatives at the development you would like to buy at will be able to guide you.
Security
Shared ownership provides the security of home ownership. Home Reach can help you open the door to a house you can permanently call home.
Renting can be a convenient option for those looking to keep their options open. Choosing to rent can allow you to move around more frequently. However, it opens you up to rental price hikes, unscrupulous landlords and short-notice evictions.
Shared ownership can provide you with long-term security, as when you purchase a Home Reach property, you are granted a 125-year lease by heylo housing. This gives you the ability to make concrete plans for the future, from raising a family to redecorating your home, or perhaps turning that spare bedroom into a home office for your flourishing business.
Affordable
Deposits for Home Reach properties can be significantly lower than those for equivalent properties purchased via a traditional mortgage. This is because Shared ownership deposits are determined by the share of the property you buy, not the value of the property you wish to live in.
If you were to choose a £200,000 new-build property, you’d pay a deposit based on the share you choose. If you choose a 50 per cent share of a property, you would need to pay a minimum five per cent deposit. This would cost you £5,000, but with a traditional mortgage, you’d have to pay double that. This makes Shared ownership a much more affordable way to get on the property ladder for those with limited savings.
Shared ownership opens up not only affordable rent payments but affordable deposits, too. Find out how Shared ownership works and check out some examples of how little rent you could pay with a Home Reach property.
Freedom
Home Reach gives you the freedom for home improvements. Rented properties often restrict your ability to make improvements, making it feel like you’re never really settled—but with Home Reach properties, you can decorate and even transform existing spaces in a way that reflects your own tastes, truly making your house a home. What’s more, home improvements can add significant value to your property’s asking price.
We know how important pets can be in our lives, which is why we allow them in our properties. However, we always ask you to seek permission as some managing agents/leases have individual pet policy’s which can restrict these – so it is always good to check beforehand.