Share percentage 60%, full price £325,000, £9,750 Min Deposit.
Monthly Cost: £1,727
Rent £426,
Service charge £190,
Mortgage £1,111*
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 £80,000.
• 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. Rent and service charges will be reviewed annually by your housing provider, usually on 1st April each year.
** This home can also be purchased outright (100% of the value) which is £325,000 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 £195,000 with a 60% share!
Description
Shared Ownership
This superb modern home is available to buy from as little as £195,000 with a 60% share!
An extremely spacious two double bedroom apartment situated in desirable Addlestone One and enjoying a large balcony with views over a courtyard garden. Offering approaching 90 sq m of contemporary accommodation, this superb property comprises two large double bedrooms, two luxuriously appointed bath/shower rooms, a high-spec contemporary kitchen which is open-plan with a generous living space with doors opening to a private balcony. Further benefits include secure entry and an allocated parking space with Addlestone train station less than ½ mile away.
PRICING & AFFORDABILITY
Approximate Size: 964 sq ft
Full Market Value: £325,000
60% Share Price: £195,000 (rent £426.46 pcm)
Minimum 5% Mortgage Deposit (60% share): £10,500
Approximate Service Charges: £190.30 pcm*
Shared Ownership Lease: approx. 117 years
Council Tax Band: C
Key Features
Modern Shared Ownership home
Balcony
Two double bedrooms
Parking
Walking distance to train station
En suite
Particulars
Tenure: Leasehold
Lease Length: 117 years
Council Tax Band: C
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 60%, full price £325,000, £9,750 Min Deposit. Calculated using a representative rate of 5.26%
