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Home Reach

St. Modwen Homes have partnered with heylo housing so you can now buy one of our homes with Part Buy, Part Rent. Home Reach is a government-backed scheme that allows you to buy a share of your new St. Modwen Home and pay an affordable monthly rent on the remaining share.

What is Home Reach?

If buying outright isn’t an option for you, Part Buy – Part Rent with Home Reach is an alternative route to get you on the property ladder.

This is where you would buy a share of up to 75% of a home and then pay 2.75% rent on the remaining share you haven’t purchased on a monthly basis.

With this option, you can either sell or purchase more shares in the future. Once you have purchased 100% shares on your home, you will then stop paying the monthly rent.

Joe & Loren Meon Vale 2
How do you know if you are eligible?
  • If your household income does not exceed £80,000 per annum for homes outside of London (£90,000 in 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 100% of the property now
  • The property will be your principle and only home
  • You have passed a Home’s England Affordability calculator, demonstrating you are financially able to purchase the share value and support the monthly costs
  • You have registered with a Help to Buy agent and been approved

Home Reach Guide for buyers

8 Simple steps to get you in your Home Reach home

  1. Register your interest on your with the development of your choice. You’ll also need to register with your local Help to Buy Agent.
  2. Once registered, you will need to complete a financial affordability assessment with an Independent Financial Advisor to ensure you can afford the purchase cost and maintain monthly costs.
  3. Once you have confirmation of affordability, you then can choose the home you wish to purchase (subject to availability).
  4. On reservation, you will be able to pick your interior choices and extras to personalise your chosen home (subject to build stage and housetype). You’ll then pay the reservation fee to secure your plot.
  5. Apply for a mortgage with a financial advisor. Now you will need to apply for your mortgage, with terms of exchange of contracts within 28 days.
  6. Before exchange of contracts is taken, you will need to appoint a solicitor who will carry out legal work on your behalf
  7. Once all legal documents have been handed over and completed, exchange of contacts will be taken, which is where you will pay your deposits and agree a completion date.
  8. On the completion date, you will receive a call from your Sales Consultant to let you know that completion has taken place and your keys are ready to collect. Welcome to your new home!
Streetscene Blythe Fields 2020
Key Facts
  • Home Reach uses a Government Standard Lease
  • Home Reach is a government backed scheme
  • Rent of the unsold share is charged at 2.75%
  • You only need a deposit of your share value
  • You have the freedom to decorate
  • You can increase level of ownership at any time
  • You have the ability to staircase to 100%
  • You have the flexibility to sell and move at any time
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Ways To Buy