HOME REACH
Are you a first-time buyer or used to own a home, but cannot afford to buy outright and do not currently own a property?
Home Reach is a part buy-part rent scheme designed to make home buying more accessible, meaning those who previously couldn’t afford to buy a new home are now able to. When you buy your new Richard Lloyd home with Home Reach, you purchase a share of your new home and pay a low monthly rent on the share you don’t buy.
HOW DOES PART BUY-PART RENT WORK?
FREQUENTLY ASKED QUESTIONS
WHAT ARE THE BENEFITS?
- Provides security of home ownership
- An affordable way to get onto the housing ladder
- Freedom to decorate and improve your home
- Your budget will decide the share you buy, rather than the size of your home
- Ability to increase the level of ownership at any time
- Flexibility to sell and move at any time
- Benefit from any increase in property prices
- No Stamp Duty payable for first-time buyers purchasing a Home Reach property, valued up to £500,000.
- Pets allowed
WHO IS ELIGIBLE?
You could buy a Richard Lloyd part buy-part rent home if;
- You are a first-time buyer or used to own a home, but cannot afford to buy outright and do not currently own a property
- Your household income does not exceed £80,000 per annum (£90,000 in London)
- You have passed a financial assessment demonstrating that you are financially able to purchase the share you want to buy support the monthly costs
- You are registered with your local Help to Buy Agent and have been accepted
- The property you will be buying will be your principle and only home
Register your interest
Complete the form below to start your registration process
* Figures above are an illustrated costs based on a 35 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. For exact costings, please speak to an independent financial advisor. 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). Shares up to 75% available and eligibility criteria applies. For more information visit www.homereach.org.uk.