Part buy part rent with Avant and Home Reach

Fed up of spending most of your wage on expensive rent? Do you have a bit of money saved up in hope of putting down a deposit on a new home one day?

If you answered yes to both of those questions, then shared ownership could be the perfect solution for you.

At Avant, we are proud to have teamed up with Home Reach to offer part buy part rent new builds for you to finally get on the property ladder.

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What is shared ownership?

While it might seem a bit complicated at first, shared ownership is actually pretty straightforward!

To put it very simply, shared ownership allows you to buy a share of your ideal Avant home and pay an affordable monthly rent repayment on the remaining part.

With Home Reach, you decide how much of the home you would like to buy (up to 75% of the purchase price) and will then pay small monthly payments based on the remaining percentage.

You can buy your share either using cash from any savings you may have or by taking out a mortgage. If you are taking out a mortgage to finance your share, you will need to allow for a minimum of 5% deposit.

For example, if you want to buy 20% (£50,000) of a £250,000 property, you will only need to put down 5% (£2,500) of said £50,000.

Of course, the larger your deposit (typically 10%), the lower your mortgage repayments are likely to be. Your budget will determine the size of the share you buy, rather than the size of your home.

Therefore, you might decide to buy a bigger share of a lower priced home or a smaller share of a more expensive home. In short, the choice is yours!

For the share you don’t buy, Heylo will become your landlord and will grant you a lease. This means you will be able to live in the home as if you've bought it outright and simply pay them a low monthly rent.

What’s great about the Home Reach shared ownership scheme is that you can increase your share at any time, which will then also help reduce your rental payments on the balance.

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Benefits of Shared Ownership



For those of you still sceptical and thinking this might be too good to be true, we can assure you it isn’t. In fact, there are many benefits to getting a part buy part rent house.

Affordability

The deposit required for Home Reach shared ownership new build homes can be significantly lower than those for equivalent homes purchased with a traditional mortgage. This means that it is a more affordable way to purchase a new home and get onto the property ladder.

Security

Part buy part rent provides the security of home ownership. Home Reach can support you in buying a new build house that you can permanently call home.

Flexibility

Shared ownership also allows you to have the freedom to sell your share of the property and move on at any time. There are also no fixed term contracts, meaning you won’t be tied down by anything that might affect your work or lifestyle.

Freedom

With part buy part rent, you can decorate and transform your chosen property at will, making your house feel like a home.

Staircasing

You can increase the share of your Home Reach shared ownership property you own at any time. This means that you can put more money down and grow the size of the share that you own of your Avant property, without having to move, until you own it 100%.

Interested in buying a home with shared ownership?



Ask your Sales Advisor for more details.

All schemes are subject to terms and conditions and are available on selected plots and developments.

For full terms and conditions, click here.

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