Explore how we can assist you in your purchase of a BoKlok home.
Shared Ownership
We will be offering a number of our family homes at BoKlok through the Home Reach, shared ownership scheme.
What is shared ownership by Home Reach?
Home Reach is delivered by heylo and offers a shared ownership scheme, which enables you to own your home for a smaller upfront deposit. You can buy a share of the home using a mortgage and then pay a subsidised rent on the remaining share.
You will have an opportunity to increase your share (up to 100%) during your time in the property via a process known as ‘staircasing’. If you increase your share to 100%, you will no-longer pay any rent, just your mortgage along with any service charges and/or ground rent - if applicable.
Are you eligible for shared ownership?
You are eligible to purchase through Home Reach if:
- Your household income does not exceed £80,000 per annum
- 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
- You currently occupy a shared ownership property and are looking to move
- You have passed a financial assessment, demonstrating you are financially able to purchase the minimum share value and support the monthly costs
- You have a good credit history
- The property will be your principle and only home at the time of purchase
What are the benefits of using Home Reach?
- An affordable way to get onto the housing ladder
- Provides security of home ownership
- Freedom to decorate and improve your home
- Ability to increase the level of ownership at any time
- Flexibility to sell and move at any time
- Benefit from any increase in property prices
Our simple steps
If you are interested in purchasing a BoKlok home through the Home Reach shared ownership scheme, we have put together this simple, step-by-step guide to assist you.
- Register
Register your interest with us and let the sales team know that you wish to purchase with the Home Reach shared ownership product. - Qualify
Speak with our recommended mortgage brokers to check your financial qualification for a shared ownership home. The sales team can set up an appointment for you. - Make an appointment
Make an appointment to visit our sales suite and view our show homes (if available). - Make a reservation
If you wish to make a reservation, the sales team will be on hand to assist you and to take you through the next steps to buying your new home. As part of this process, you will be required to complete the heylo Shared Ownership Eligibility Form. Our team will support you with this.
Terms and conditions
- This scheme is available on selected developments and plots only, subject to status and availability.
- This scheme cannot be used in conjunction with any other BoKlok scheme/offer.
- Purchasers are required to meet the lender’s mortgage eligibility criteria.
- BoKlok reserves the right to withdraw or alter the terms of this offer at any time prior to the payment of a reservation fee.
- Home Reach is a new build shared ownership product by heylo housing group.
- More information on eligibility and affordability of using Home Reach to purchase your home can be found at www.homereach.org.uk
