2 bedroom apartment for sale
Balls Pond Road, N1 4BH
Share percentage 25%, full price £520,000, £6,500 Min Deposit.
Share percentage 25%, full price £520,000, £6,500 Min Deposit.
Monthly Cost: £1,986
Rent £1,019,
Service charge £226,
Mortgage £741*
Calculated using a representative rate of 5.26%
Calculate estimated monthly costs
ELIGIBILITY
Shared Ownership gives first time buyers and those that do not currently own a home the opportunity to purchase a share in a new build or resales leasehold property. The purchaser pays a mortgage on the share they own and pays rent to a housing association on the remaining share. The combined mortgage and rent is usually less than you’d expect to pay if you bought a similar property outright although this is not a guarantee.
To be eligible for shared ownership you would need to meet the following criteria:
• Your annual household income does not exceed £90,000.
• You have a deposit of at least 5% of the share value.
• You do not own another property or have your name on the deeds or a mortgage for a property worldwide.
• This will be your only residence.
• You are a permanent UK resident or have indefinite right to remain.
*Service charges are estimated and may subject to change.
** This home can also be purchased outright (100% of the value) which is £520,000 and a purchaser would not need to meet the eligibility criteria listed above.
Summary
This superb modern home is available to buy from as little as £130,000 with a 25% share!
Description
Shared Ownership
This superb modern home is available to buy from as little as £130,000 with a 25% share!
Being offered to the market with no onward chain and conveniently set within walking distance of local amenities and Dalston Junction overground station is this spacious 2nd floor apartment. The accommodation features a 15ft kitchen/diner with a separate lounge, two double bedrooms and bathroom.
This property is extremely well-situated, within 10 minutes of Islington's vibrant Upper Street, the bustling boutiques, restaurants and nightlife of Shoreditch, Hoxton, London Fields and Dalston. Transport links also place the City and Canary Wharf.
PRICING & AFFORDABILITY
Approximate Size: 710 sq ft
Full Market Value: £520,000
25% Share Price: £130,000 (rent £1,018.65pcm)
Minimum 5% Mortgage Deposit (25% share): £6,500
Approximate Service Charges: £225.54 pcm*
Shared Ownership Lease: approx. 977 years
Council Tax Band: D
Key Features
Modern Shared Ownership home
Second floor Kitchen/diner
Walking distance to Dalston Junction Overground
Long lease
Chain-free
Particulars
Tenure: Leasehold
Lease Length: 977 years
Council Tax Band: D
Property Downloads
Floor PlanMap
The ‘estimated total monthly cost’ for a Shared Ownership property consists of three separate elements added together: rent, service charge and mortgage.
- Rent: This is charged on the share you do not own and is usually payable to a housing association (rent is not generally payable on shared equity schemes).
- Service Charge: Covers maintenance and repairs for communal areas within your development.
- Mortgage: Share to Buy use a database of mortgage rates to work out the rate likely to be available for the deposit amount shown, and then generate an estimated monthly plan on a 25 year capital repayment basis.
NB: This mortgage estimate is not confirmation that you can obtain a mortgage and you will need to satisfy the requirements of the relevant mortgage lender. This is not a guarantee that in practice you would be able to apply for such a rate, nor is this a recommendation that the rate used would be the best product for you.
Share percentage 25%, full price £520,000, £6,500 Min Deposit. Calculated using a representative rate of 5.26%