The housebuilder is now offering heylo’s Home Reach scheme at several of its developments across the two counties.
Home Reach enables buyers to purchase up to 75 per cent of their new property and pay rent on the remaining portion.
The Government-backed scheme offers an alternative buying option for people who do not wish to take out a full mortgage or are unable to do so. It is available to first-time buyers and people forming a new household who cannot afford to purchase on the open market. To qualify, buyers must have an annual household income of below £80,000 and must not own another property when the sale completes.
The part buy part-rent programme has been introduced to six developments within Vistry’s East Midlands division – part of Vistry Group which comprises Linden Homes, Bovis Homes and Vistry Partnerships.
Buyers can already apply to use the scheme at Linden Homes developments The Boulevards in Northstowe and Springfields in Deeping St James, with future availability at St Mary’s in Biddenham and Falcons Lodge in Cardington, as well as the Bovis Homes developments Pemberton Park in Witchford, where the scheme is already available, and Judith Gardens in Sawtry which will soon introduce the scheme as well.
Nic Chapman, sales and marketing director for Vistry East Midlands, said: “We are keen to support buyers onto the property ladder and our partnership with heylo will help put the dream of homeownership within reach of many more people across the region.
“Home Reach offers an affordable route onto the property ladder for people who may not be able to secure a 90 per cent mortgage, with the opportunity to purchase their home outright in the future. Customers using the scheme can increase their share of the property – or sell – at any time.
“Buyers interested in finding out more about the scheme can contact the sales consultants at one of our participating developments. They will be able to explain the process and answer any questions that customers may have.”
Vistry East Midlands already offers a range of schemes to assist buyers looking to move on or up the property ladder.
The Home Exchange scheme removes the need for purchasers to find a buyer for their existing property, avoiding the potential complications of being in a buying chain. Instead, the housebuilder will offer the customer a fair price for their house based on three independent valuations. Another advantage is that the buyer don’t have to pay estate agent fees.
Help to Buy is also available at Vistry developments. The Government-backed initiative allows first-time buyers to purchase a new-build home with a five per cent deposit and a 75 per cent mortgage, with the remaining 20 per cent provided in the form of an equity loan which is interest free for the first five years of homeownership.
The new scheme, officially launching this month, will be exclusively available to first-time buyers and will be restricted to homes priced at £407,400 or below in the East of England region.