The Launch of Home Reach Flex – Shared ownership with a difference in Lincolnshire

The end of Help to Buy has led to many hopeful homeowners researching alternative routes to homeownership, with demand for property purchasing schemes continuing to rise.* Meeting this requirement is Home Reach Flex – a new Shared Ownership model designed with buyers in mind.
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Home Reach Flex has recently launched at three new developments in Lincolnshire – offering buyers in the county an affordable route to homeownership at multiple sites, ranging from Spalding to Louth and Boston.

With Home Reach Flex, buyers are able to purchase starting shares at 75% of their chosen home, and the scheme offers added flexibility when it comes to staircasing and selling – reducing fees and removing the eight-week nomination sales period associated with the Government backed Shared Ownership model.

Home Reach Flex also provides added flexibility around the household income criteria, allowing a higher income of up to £100,000, compared to the standard Shared Ownership amount of £80,000 outside of London and £90,000 in London.

Tulip FieldsTulip Fields
Tulip Fields

Melissa Toomey, Director of Sales for Home Reach Flex comments: “We’re thrilled to have launched three new Home Reach Flex offerings in Nottinghamshire, widening the accessibility of our brand-new solution for affordable home ownership.

"An excellent opportunity for those who may have been considering Help to Buy but missed the deadline, Home Reach Flex provides the opportunity for first time buyers and movers to purchase a home without needing a large deposit or high household income.

"With added flexibility around the nomination period, staircasing, and household income criteria, we’re already seeing high levels of interest in this our new homeownership scheme.”

Only requiring a deposit of 10% on the share purchased, rather than of the full property value, Home Reach Flex offers buyers the chance to purchase a home they could otherwise not afford – paying rent to Heylo on the share they don’t own. For example, a home with a property value of £300,000 could be purchased with the below figures:**

· 65% share value of £195,000

· 10% deposit of share value: £19,500

· Mortgage required: £175,000

· Monthly mortgage payment: £1,038

· Monthly rent: £284.38

· Monthly lease management fee: £23.52

The total monthly costs will be £1,345.90, a staggering 35% lower than the national average monthly housing payments of £2,041.***

One of the very first partners to be offering Home Reach Flex at their developments is Gleeson Homes, at a total of nine developments across the country – including three in Lincolnshire. These developments include Tulip Fields in Spalding, a collection of 103 two-, three- and four-bedroom homes.

Equipped with air source heat pumps, the energy efficient properties are the perfect solution for eco-conscious buyers, searching for a sustainable home. A short drive from the A17 and A151, the development benefits from easy access to Spalding, Boston and Kings Lynn. With several bus stops within walking distance of Tulip Fields, and Spalding railway station just a 20-minute drive away, residents are well connected.

The contemporary new homes feature open plan kitchen and dining spaces, a separate spacious living room, complete with French doors leading into the garden. With an extensive range of interior options, as well as hundreds of kitchen combinations to choose from and a unique L shared worktop, homes at Tullip Fields have been designed with modern buyers in mind.

Another development offering Home Reach Flex is Birkwood in Mareham le Fen, comprised of a collection of 6 two-, three- and four-bedroom homes.

A stone’s’ throw from the village, residents are moments from an array of amenities, including a post office, local pub, butchers and fish and chip shop. Nearby Horncastle also offers a range of boutiques and shops, as well as a bi-weekly market.

The stylishly designed homes are complete with well thought out floorplans, including individual living rooms, open plan kitchen/dining spaces and a convenient downstairs WC.

Nestled on the edge of the scenic Lincolnshire Wolds is Bracken Park, a development of 237 two-, three- and four-bedroom homes. Less than a five-minute drive from the centre of the historic market town of Louth, Bracken Park matches contemporary new homes with the culture of the area.

The well-connected homes are within minutes of the A16, providing an easy commute for those travelling to Lincoln and Grimsby. Homes are complete with an integral garage, front and rear gardens, an en-suite to the master bedroom and a private driveway.

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