Melissa Toomey is Director of Sales at Home Reach, and has been working in property sales for over 15 years – so she knows a thing or two about buying a home! Mel has made it her mission to help as many people on to the property ladder as possible, and is a huge advocate for Shared Ownership. Home Reach has one of the largest Shared Ownership programmes in the country, with more than 10,000 homes. Its mission is to provide the highest standards of service for its continually growing pool of new housebuyers
I’m starting to think seriously about buying my first home, and I’m looking for something that gives me both stability and room to grow. I’ve heard a little about Shared Ownership but I don’t fully understand how it works in practice – especially with Home Reach. Could you explain what makes it an appealing route for buyers like me?
Shared Ownership with Home Reach is designed for people who want to take confident first steps on to the property ladder without compromising on future flexibility or lifestyle aspirations. We know that taking your initial steps on to the property ladder can come with a lot of questions, and our transparent approach to the product aims to help our customers understand how Shared Ownership might work for them.
Home Reach offers an achievable homeownership option, allowing customers to buy a share of a brand new home with deposits from just 5%, while paying a monthly rent on the remaining part. This ultimately can make monthly costs more manageable when compared to buying on the open market or privately renting and provides a more affordable option when it comes to getting on the property ladder.
What surprises many people is just how much choice we offer. Around 80% of Home Reach properties are houses, not apartments, which means you’re not limited to a certain property type – we have one to five bedroom homes available. Because almost all our available properties are houses, we often see a real mixture of buyers – from growing families searching for extra bedrooms to customers after a separate room to kit out a home office or gym.
Crucially, as the property’s value rises, the value of your share rises too, just like with full ownership. When you sell, you benefit from any increase in the value of the home, and you also have the option to increase your share gradually (through a process known as staircasing) – right up to 100% ownership when the time is right for you.
We understand that choosing a mortgage is a big decision, and you want to feel confident that you’re getting impartial advice. At Home Reach, we work with a panel of over 25 independent mortgage advisers, which means you’re not limited to one or two options, and you get to choose from a range of trusted professionals to find what works best.
And while affordability is a clear benefit, quality is never compromised. We partner with top-rated, reputable housebuilders, delivering modern, energy-efficient homes in desirable locations – often close to great transport links, green spaces, schools and vibrant town or city centres. You’re free to decorate your home – requiring permission only for structural changes – and most Home Reach homes are pet-friendly too.
For more information on Shared Ownership with Home Reach, visit homereach.org.uk
First Time Buyer is an exciting bi-monthly glossy which takes a stylish and comprehensive look at all the options available, setting them out in an entertaining and informative way, and helping potential customers navigate their way through what is often a daunting and complex process. We dispel the myths, reinforce the facts and arm the reader with the tools necessary to make their homeownership dreams a reality.
