The Benefits of Shared Ownership

Security

Home Reach provides the security of home ownership, opening the door to somewhere you can permanently call home.

We can provide you with long-term security, as when you purchase a Home Reach property, you are granted a lease by heylo housing (lease lengths vary). 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.

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 Home Reach a much more affordable way to get on the property ladder for those with limited savings.

Home Reach opens up not only affordable rent payments but affordable deposits, too. Find out how Home Reach 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.

Pets

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.

Making your budget go further

For generations, house buyers have been restricted by the size of their budgets. A smaller budget equalled a smaller home. And in the current era of house prices constantly outpacing inflation and wage growth, many feel like the property ladder is being yanked from under their feet before they’ve had a chance to start climbing.

But Home Reach offers hope to all, as your budget no longer decides the size of your home. With our shared ownership scheme, your budget decides the share of the property you purchase, with the option to increase your share at any time through a process called staircasing.

Staircasing

Starting with a minimum property share of 25 per cent or a maximum of 75 per cent, with Home Reach you can increase the share of the property you own at any time. Without the upheaval of having to move, you can increase the potential value you hold in property. Should you wish to move, you can sell and reap the rewards. This means Home Reach can suit whatever stage of life you’re at and offer you the flexibility you need.

Flexibility

Home Reach means having the freedom to sell your share and move property at any time—and you won’t be tied down by fixed-term contracts. Your lease offers you both security and freedom from being tied down by restrictive fixed-term contracts, which may affect your work and lifestyle.

Investment

Home Reach is an investment. When you purchase a Home Reach property, you have the opportunity to benefit from an increase in property prices when you choose to sell and move on.

If you own 100 per cent of the property, you will receive 100 per cent of the property sale proceeds, allowing you to climb the property ladder and stay on it more easily.

Some people who choose the option of Home Reach have been on the property ladder before, including divorcees and retirees.

Home Reach offers a clear path back to home ownership, with all the investment opportunities afforded by owning a house: security, stability and transparency in the costs you pay today. You will also be protected against unfairly and artificially inflated costs, and you’ll have the ability to earn as your property appreciates in value.

Any increase in property value will not impact the monthly costs you pay, and if you choose to live in a development that is situated somewhere which becomes particularly attractive over time then you could stand to make significant financial gains—without having to pay a premium for the property you live in.