Home Reach Shared Ownership is a government-backed scheme that gives more people the chance to buy a brand-new home.
Instead of having to buy 100% of a property upfront, you can buy a share of your new build home (often between 50% and 75%) and pay a low monthly rent on the share you don’t own.
The part you don’t buy is owned by Heylo Housing, who grant you a lease and act as your landlord. Over time, you can choose to buy more shares in your home (a process called “staircasing”) and eventually own the property outright if you wish.
Unlike renting, this approach gives you far more freedom: you can decorate, make home improvements and even keep pets. It’s a flexible way to get on, and move up, the property ladder.
Why choose Home Reach?
- A more affordable way to buy a home – perfect if buying outright isn’t yet possible
- Lower deposit requirements – from as little as 5% of your chosen share
- Security and stability – more permanent than renting
- Freedom to personalise – decorate your way, make improvements and keep pets
- Grow your share over time – staircase all the way up to 100% ownership when it suits you
- Flexibility to move – you can sell your share at any time, even if you haven’t staircased to full ownership
This part buy, part rent model opens the door to home ownership for first-time buyers, young families or anyone priced out of the local housing market.
Who is eligible for Home Reach?
You may be eligible to purchase a Home Reach Shared Ownership property at Porthreach, Carbis Bay if:
- Your household income is £80,000 a year or less
- You have a deposit of at least 5% of the share you are buying
- You are a first-time buyer, or you’ve previously owned a home but can’t currently afford to buy 100%
- You can demonstrate affordability through a financial assessment
- You have a good credit history (no bad debts or CCJs)
- The property will be your main and only residence
Local Connection criteria
In addition, Home Reach Shared Ownership properties are available only to buyers who meet the Local Connection requirements set by the Council.
To demonstrate a Local Connection to Carbis Bay, you or a member of your household must meet one of the following:
- Have lived in the area by choice for a continuous period of at least 12 months immediately before the property is advertised, or
- Have previously lived in the area continuously for at least five years, or
- Have a permanent place of work in the area (16 hours a week or more, not including seasonal work) immediately prior to advertising, or
- Have a close family connection (parent, sibling, son or daughter) who has lived in the area for at least five years immediately before the property is advertised, or
- Be able to demonstrate special circumstances, as defined in line with the Council’s Homechoice policy, that require you to live in the area.
Meeting these Local Connection criteria is essential for eligible properties and will need to be evidenced to the Council’s reasonable satisfaction.
A fresh route to home ownership
If you’ve been struggling to save for a full deposit Home Reach Shared Ownership homes could be your opportunity to take that first – or next – step on the property ladder.
Talk to our sales team at Porthreach to find out how this flexible scheme could help you move into the home you’ve been dreaming of. You can find full contact details and information on available properties at Porthreach by clicking here.
Disclaimer: Home Reach Shared Ownership is available on selected plots at [insert development name]. Shared Ownership is different to outright ownership. For more information on Shared Ownership including affordability and eligibility that applies, visit www.homereach.org.uk. For plot specific information please refer to the sales advisor in the sales office.