Home Reach Flex

Shared Ownership with Home Reach Flex

Bovis Homes have partnered with heylo to offer Home Reach Flex, a shared ownership scheme that allows buyers of new homes to purchase a share of their chosen home and pay a monthly rent on the remaining part.

What is Home Reach Flex?

Home Reach Flex is a shared ownership scheme that offers a more affordable way to get onto the property ladder. You buy a share of the home and pay a monthly rent on the unsold share.

How does it work?

Home Reach Flex helps make buying a new build home more accessible, with smaller deposits and lower monthly payments that could mean buying a new home is more affordable than you thought.

Your budget will decide the size of the share you buy, not the size of the home. You can initially buy shares from 65% to 75% depending on your affordability. Heylo will become your landlord granting you a 999 year lease and will charge you a rent of 3.25% on the share of the property that you didn’t buy. This means you can live in your home as if you have bought it outright.

Property Value

£300,000

75% share value

£225,000

10% deposit of share value

£22,500

Mortgage required

£202,500

Monthly Mortgage payment

£1,254

Monthly rent

£203.13

Monthly lease management fee

£23.52

Total monthly cost

£1,480.65

Important information to note about the illustration: Illustrated costs only. These figures are based on purchasing 75% of a £300,000 property with a monthly mortgage payment illustration based on a 25-year term at 5.59%. For more precise costings please refer to an Independent Financial Advisor. Rent on the unsold share is charged at 3.25% and increases annually by RPI +0.5%, the monthly lease management fee increases annually by RPI. The illustrated costs exclude building insurance and any estate fees or service charges which may be applicable. You will need to consider the responsibilities and associated costs involved in owning a home. Your home may be repossessed if you do not keep up with payments on your mortgage or shared ownership lease.

Who is eligible for Home Reach Flex?

If you like the sound of owning your own home using Home Reach Flex, check to see if you are eligible:

Your household income does not exceed £100,000 per annum outside of London
You have a deposit of at least 10% of the share value
You have passed a financial assessment, demonstrating you are financially able to purchase the minimum share value and support the monthly costs
The property will be your principal and only home at the time of purchasing

Who are heylo?

Launched in 2014, heylo have created one of the largest home ownership programmes in the UK. With over 7,000 Shared Ownership properties, offering a number of different routes to make home ownership possible.

For more information on heylo, visit their website https://www.heylohousing.com

More ways we can help you move

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When your friends or family contribute a minimum of 5% to your deposit for a new Bovis home, we’ll say thanks to them with £2,000 and give you £5,000 to help with moving costs.

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Introduce a Friend

Know someone who’d love a new Bovis Home? Introduce a friend and we’ll give you £500* when they buy from us.

How does it work

Home Stepper

A shared ownership scheme in partnership with Sage Homes, meaning you can purchase a share of a new Bovis home and pay monthly rent on the remaining part.

How does it work

Deposit Assist

When your friends or family contribute a minimum of 5% to your deposit for a new Bovis home, we’ll say thanks to them with £2,000 and give you £5,000 to help with moving costs.

How does it work

Deposit Unlock

With Deposit Unlock you could purchase a new Bovis Home up to the value of £750,000 with just a 5% deposit!

How does it work

Introduce a Friend

Know someone who’d love a new Bovis Home? Introduce a friend and we’ll give you £500* when they buy from us.

How does it work

Home Reach Flex is available on selected new build homes only, subject to contract and eligibility criteria. Home Reach Flex is a new build shared ownership scheme brought to you by Heylo Housing Group. The scheme is subject to individual mortgage lender qualification and affordability criteria as prescribed by Heylo Housing Group. Shares from 65-75% of the new home are available under the scheme, prices advertised represent a 75% share of the new home. Eligibility for the scheme may be withdrawn at any time prior to reservation. Rent will be charged at 3.25% of the unacquired equity share and is reviewed annually in line with the year-on-year change to RPI in the preceding 12 months plus additional 0.5% and a monthly lease management fee of £23.52. A deposit of 10% of the share purchased is payable on exchange of contracts. The property will be sold on a shared ownership leasehold basis with a term of 999 years. You will be an assured tenant with Heylo as the landlord until such time you staircase to own 100% of the property. More information on eligibility and affordability of using the Home Reach Flex scheme to purchase your new home can be found at www.homereachflex.co.uk. Home Reach Flex is also subject to the terms and conditions of Heylo Housing Group. Home Reach Flex cannot be used in conjunction with any other offer, discount, promotion or scheme. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it. Subject to individual lender terms and conditions. Our usual reservation and sales terms and conditions also apply. Please speak to one of our sales consultants for more details.

Home Reach Flex

Shared Ownership with Home Reach Flex

What is Home Reach Flex?

How does it work?

Who is eligible for Home Reach Flex?

Who are heylo?

Start your search today

More ways we can help you move

Home Stepper

Deposit Assist

Deposit Unlock

Introduce a Friend

Home Stepper

Deposit Assist

Deposit Unlock

Introduce a Friend

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