2 bedroom apartment for sale
New Inn Broadway, EC2A 3PR
Share percentage 25%, full price £730,000, £9,125 Min Deposit.
Share percentage 25%, full price £730,000, £9,125 Min Deposit.
Monthly Cost: £2,249
Rent £863,
Service charge £346,
Mortgage £1,040*
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. 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 £730,000 and a purchaser would not need to meet the eligibility criteria listed above.
Summary
This superb home is available to buy from as little as £182,500 with a 25% share!
Description
Shared Ownership
This superb home is available to buy from as little as £182,500 with a 25% share!
A beautiful ground floor apartment with industrial features throughout provides a large open plan living space, two double bedrooms and a modern bathroom. The property benefits from a long lease and no onward chain!
Located within the very heart of vibrant Shoreditch and adjacent to Hoxton, this property is just a short walk from the High Street and it’s many amenities. There are many pubs, restaurants and bars, coffee houses and vintage shops. Liverpool Street Station is just 0.5 mile away.
PRICING & AFFORDABILITY
Full Market Value: £730,000
25% Share Price: £182,500 (rent £863.27 pcm)
Minimum 5% Mortgage Deposit (25% share): £9,125
Approximate Service Charges: £345.87pcm*
Shared Ownership Lease: approx. 107 years
Council Tax Band: E
Key Features
Modern Shared Ownership home
Two double bedrooms
Ground floor
Open plan living space
Long lease
Heart of Shoreditch
Particulars
Tenure: Leasehold
Lease Length: 107 years
Council Tax Band: E
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 £730,000, £9,125 Min Deposit. Calculated using a representative rate of 5.26%
