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 buy a share as small as 25%, or as big as 75% with this support scheme, and pay rent on the rest.
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.
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.
You can also download a free comprehensive guide here.