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Home Reach Available On The Isle Of Wight

Posted 23 June 2022 by Keith Osborne

One of the brand new houses at St George's Gate in Newport is available to part buy-part rent through Home Reach...

While the Isle of Wight’s would-be buyers on a modest budget might be struggling to save the money and get the mortgage to own a property outright, there’s an opportunity to use the Home Reach scheme on a development there that might suit them.

Buyers who meet the eligibility criteria for Home Reach have an opportunity to purchase a share of a new build home (usually, but not always, between 50% and 75%) and pay a subsidised rent on the remainder, with housing provider heylo as the landlord. The scheme is offered on selected plots at developments across England and provides all the benefits of homeownership but requires a much smaller deposit (5% of the share price) and a smaller mortgage than when purchasing outright. Over time, owners can buy further shares as their budget allows, until they own 100%.

Home Reach has partnered with Barratt Homes to offer a house on the St George’s Gate development in Newport on a part buy-part rent’ basis. The housebuilder is delivering a range of two- and three-bedroom properties for outright sale at a location surrounded by rolling fields and country walks. It also has the benefit of being close to local schools, shops, and within walking distance of bustling Newport town centre. There are excellent transport links around the scenic island and it is only a few miles from home to Cowes, Fishbourne and Ryde for ferry and hovercraft links to the mainland.

The Home Reach property is called the ‘Brandon’ and a 50% share can be purchased from £119,957 (full market value £239,900). heylo calculates that a household income of £30,080 will be enough to qualify. It’s a compact three-bedroom home with a lounge at the front leading to an open-plan kitchen/dining room at the rear featuring French doors that open to the garden. On the first floor you'll find the spacious main double bedroom, two single bedrooms and a stylish family bathroom. This home comes with private parking.

Find out more at St George’s Gate.


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Featured Developments
Newport, Isle of Wight PO30
£218,000 - £220,000
St George's Gate
Newport, Isle of Wight PO30
2 bedroom properties
Barratt Homes
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A Guide To Part Buy Part Rent
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.

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