Last Chances To Part Rent-Part Buy In The North Of England
The Home Reach initiative – where first-time buyers can ‘part buy-part rent’ a brand new home – has been so popular at some developments in Yorkshire and the North East that there’s only home left for sale with that purchase scheme.
Home Reach is a partnership between housing provider heylo and a number of housebuilders across England. It is open to first-time buyers who meet the qualifying criteria on selected plots and is a way of purchasing a share of a new build home (usually starting at 50%) and paying a subsidised rent on the remainder, with heylo as the landlord. This provides all the benefits of homeownership but requires a much smaller deposit and mortgage than purchasing outright. Owners can buy further shares as their budget allows, until they own 100%.
Here are some developments in Yorkshire and the North East where only one property in still for sale through Home Reach.
This is a great opportunity for a young family, situated on the southern fringes of Middlesbrough. The ‘Ellerton’ is a three-bedroom semi-detached house with kitchen/dining room, separate lounge, a downstairs WC, storage under the stairs, two double bedrooms (one with en suite), a single bedroom and a family bathroom. There’s an Ofsted-rated ‘Outstanding’ school nearby. The ‘Ellerton’ is priced at £114,998 for a 50% share (full market value £229,995), and requires a deposit of £5,750. The estimated monthly cost is £879. Find out more about Grey Towers Village.
The ‘Hardwick’ is a three-bedroom/two-bathroom property laid out over three storeys. On the ground floor is a kitchen/dining room and separate lounge; on the first floor a double bedroom, single bedroom and family bathroom; on the top floor, the very master bedroom with en suite shower room. This is available for £107,498 (based on 50% share of a full market value of £214,995), requiring a 5% deposit of £5,375. Located halfway between York and Hull, find out more about Foxley Meadows.
The 'Kerry' house type
The ‘Kerry’ is a two-bedroom semi-detached house on this development just a few minutes from the river in the north of Blyth. Off the hallway is the downstairs WC, there’s also a living room, then through to the fitted kitchen/dining room at the back, with French doors to the garden. Upstairs, one of the bedrooms is a double, the other a comfortable single and they are both served by the family bathroom. Through Home Reach, this home is priced at £58,498 for a 50% share (full market value £116,995), which requires a minimum 5% deposit of £2,925. The estimated monthly cost is from £469. Find out more about Crawford Park.
This is another opportunity to purchase an ‘Ellerton’ house type, an excellent choice for a growing family, this time at a development on the outskirts of Newcastle, a few miles from the airport. With the kitchen/dining room, separate lounge, WC, two double bedrooms (one with en suite), single bedroom and family bathroom, there’s a lot of room to play with. This property is is priced at £99,998 for a 50% share (full market value £199,995), and requires a deposit of £5,000. Find out more about City Edge.
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