Shared Ownership


Working in partnership with heylo to offer Home Reach, a part-buy-part-rent option on selected homes

What is Home Reach?

With Home Reach, you buy a share of your chosen home and pay a low monthly rent on the part you don't buy. You get to choose whether you buy a bigger share of a lower priced home or a smaller share of a more expensive one.

With the Bovis Homes partnership you can initially purchase up to 75% of your chosen home and heylo will become your landlord, granting you a 125-year lease. This means you will be able to live in your home as if you've bought it outright. You can buy more of your home in the future and stop paying rent on that part.

Who are Heylo?

Launched in September 2014, heylo has created one of the largest home ownership programmes in the UK, offering a number of different routes to ensure owning your own home is accessible.

Bovis Homes are working in partnership with heylo to offer Home Reach, a part-buy-part-rent option on selected properties across the country.

Home Reach is simply about helping you get on, climb up and stay on the property ladder./p>

A more affordable way to buy

Smaller deposit requirements and lower monthly payments make it easier to buy the home you've always wanted.

You decide how much of your home you would like to buy, with shares between 50% and 75% (on a small number of developments there is the opportunity to purchase a lower percentage)

You are able to purchase your share with either cash savings or by taking out a mortgage. If you are taking out a mortgage to finance your share, then you will typically need to allow for at least a 5% deposit. The larger your deposit, the lower your mortgage payments will be.

On the share you don’t own, you will pay annual rent of 2.75% of the unsold value. This will be paid monthly by direct debt. For example...

Property Value £150,000 £200,000 £250,000 £300,000 £350,000
50% Share Value £75,000 £100,000 £125,000 £150,000 £175,000
10% Deposit £7,500 £10,000 £12,500 £15,000 £17,000
Mortgage (3.5% interest rate) £67,500 £90,000 £112,500 £135,000 £157,000
Monthly Mortage Payment £341 £455 £569 £676 £789
Monthly Rent £172 £229 £286 £344 £402
Monthly Combined Cost £513 £684 £855 £1020 £1190
Indicative Income Requirement £20,000 £26,000 £33,000 £37,413 £43,536

Source:heylo housing Jan 2018. Figures above are based on a 25 year repayment mortgage and a Home Reach lease with an initial rent of 2.75% on the unpurchased property value increasing by RPI + 0.5% each year. Your home may be repossessed if you do not keep up with payments on your mortgage or shared ownership lease. Additional service charges may be payable on properties with communal facilities or services. You will also need to consider the responsibilities and associated costs involved with owning a home (such as insurance and maintenance).

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Why Home Reach?

  • An affordable way to get on to the housing ladder
  • Provides the security of home ownership
  • Flexibility to sell and move at any time
  • Ability to increase the level of ownership at any time
  • Freedom to decorate and improve your home
  • Benefit from any increase in property prices

Who is eligable for Home Reach?

  • Your household income does not exceed £80,000 per annum for homes outside of London
  • You have a deposit (at least 5% of the share value)
  • You are a first-time buyer or used to own a home, but cannot afford to buy outright now
  • You currently occupy a shared ownership property and are looking to move
  • The shared ownership property will be your principle and only home
  • You have passed a financial assessment, demonstrating you are financially able to purchase the minimum share value and support the monthly costs
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As announced by the Government, there is now no Stamp Duty to pay on any home up to £500,000 until 31st March 2021, which means you could save up to £15,000!

Stamp Duty calculator

Thinking of buying a new build home? There are loads of benefits to buying new, and we'll take you through the highlights.

Benefits of new

Terms and conditions: Home Reach is a new build ownership solution brought to you by heylo housing group. The Home Reach shared ownership scheme cannot be used in conjunction with any other Bovis Homes purchase scheme, offer or promotion. Subject to affordability criteria as prescribed by Homes England. Subject to individual mortgage lender qualification and affordability criteria. More information on eligibility and affordability of using Home Reach to purchase your home can be found at www.homereach.org.uk

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP PAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT