The Launch of Home Reach Flex – Shared Ownership with a difference
The end of Help to Buy has led to many hopeful homeowners researching alternative routes to homeownership, with demand for property purchasing schemes continuing to rise.* Meeting this requirement, is Home Reach Flex – a new Shared Ownership model designed with buyers in mind.
With Home Reach Flex, buyers are able to purchase starting shares at 75% of their chosen home, and the scheme offers added flexibility when it comes to staircasing and selling – reducing fees and removing the eight-week nomination sales period associated with the Government backed Shared Ownership model. Home Reach Flex also provides added flexibility around the household income criteria, allowing a higher income of up to £100,000, compared to the standard Shared Ownership amount of £80,000 outside of London and £90,000 in London.
Melissa Toomey, Director of Sales for Home Reach Flex comments: “We’re thrilled to have launched Home Reach Flex, our brand-new solution for affordable home ownership across the country. An excellent opportunity for those who may have been considering Help to Buy but missed the deadline, Home Reach Flex provides the opportunity for first time buyers and movers to purchase a home without needing a large deposit or high household income. With added flexibility around the nomination period, staircasing, and household income criteria, we’re already seeing high levels of interest in this our new homeownership scheme.”
Only requiring a deposit of 10% on the share purchased, rather than of the full property value, Home Reach Flex offers buyers the chance to purchase a home they could otherwise not afford – paying rent to Heylo on the share they don’t own. For example, a home with a property value of £300,000 could be purchased with the below figures:**
- 65% share value of £195,000
- 10% deposit of share value: £19,500
- Mortgage required: £175,000
- Monthly mortgage payment: £1,038
- Monthly rent: £284.38
- Monthly lease management fee: £23.52
The total monthly costs will be £1,345.90, a staggering 35% lower than the national average monthly housing payments of £2,041.***
One of the very first partners to be offering Home Reach Flex at their developments is Vistry, one of the UK’s leading 5-star rated homebuilders. Vistry is now delivering Home Reach Flex at Edwalton Fields, a collection of more than 120 two- and three-bedroom houses in Nottingham. The energy efficient homes are complete with an open plan kitchen/dining area, a separate living space, plenty of storage and two parking spaces. Close to West Bridgford, Edwalton Fields offers a community of homes in the suburbs of the East Midlands, surrounded by excellent schools, shopping as well as swift transport links; ideal for commuters with Nottingham City Centre less than 5 miles away.
With local parks, timber play spaces, and allotments, Edwalton Fields is a development suited for families, with nearby woodlands on the doorstep and a community Orchard created to highlight the countryside feel of the homes. An onsite multi-use game areas has been installed, whilst an eco-system promoting the local wildlife has welcomed the addition of hedgehog highways throughout the site.
Another partner offering Home Reach Flex is Keepmoat at their Belgrave Place development - a collection of two-, three- and four-bedroom homes on the Isle of Sheppey in Kent, near the historic seaside town of Sheerness. Nestled on the outskirts of Minster-on-Sea, Belgrave Place offers a community of homes in the suburbs of the South East, surrounded by excellent schools, shopping as well as swift transport links; with Sheerness-on-Sea train station just a 3 minute drive away, reaching London in just over an hour.
Elaine Brown, Sales Director at Keepmoat, South Midlands, comments: “We are delighted to be launching the first Home Reach Flex homes at Belgrave Place in the Isle of Sheppey, Kent. At Keepmoat, we’re dedicated to delivering more of the high-quality, new homes the UK needs – at prices people can afford, in places where they want to live. Schemes such as Home Reach Flex make it even easier and more affordable to move into a brand-new home, whether you’re looking for your first home or moving up the ladder. We expect these homes to be very popular as it will enable homebuyers access to high-quality homes in the charming Isle of Sheppey.”
