2 bedroom house for sale
Gull Gardens, LE13 1FR
Share percentage 30%, full price £170,000, £2,550 Min Deposit.
Share percentage 30%, full price £170,000, £2,550 Min Deposit.
Monthly Cost: £523
Rent £195,
Service charge £37,
Mortgage £291*
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.
At Melton Manor you can buy a minimum 30% share of your home (the maximum you can buy initially is 75%). When you’re ready, you can buy more shares until you staircase to owning 100% of your home.
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.
Please note the minimum share you can purchase can vary depending on your financial situation and you may be asked to purchase a larger share, should your personal circumstances permit.
*Service charges are estimated and may subject to change.
**These photos are for information purposes only and may not represent a true likeness for the units being sold. They may have been taken from earlier phases or similar developments/house types and digitally furnished to represent how the home could be laid out; the final colours/appearance/specification may differ from the images and are not plot specific. We advise applicants to make their own investigations on future development in the area. We would suggest contacting the local authority for more information.
Summary
This brand new home is available to buy from as little as £51,000 with a 30% share!
Description
Located in the market town of Melton Mowbray, north east of Leicester, Melton Manor is surrounded by countryside, wildlife and culture. Featuring bright, spacious rooms with all modern fixtures and fittings, once you move into your new home at Melton Manor, all you have to do is sit back, relax and enjoy your home. Melton Manor is within a mile of the town’s high street, which has all of the essential amenities you’d expect of a thriving town, and an extensive selection of shopping and entertainment opportunities.
The development is conveniently located less than two miles away from Melton Mowbray railway station which offers direct services to Leicester and Peterborough. For those who prefer to drive, Melton Manor has direct road links to Loughborough, Nottingham and Leicester making travelling or commuting to nearby cities or towns, simple and stress-free.
This brand new semi detached bungalow has accommodation that includes: entrance hall, an impressive open plan lounge/kitchen/diner, two double bedrooms, bathroom, parking and garden.
PRICING & AFFORDABILITY
Approximate Size 56.3 sq m
Full Market Value: £170,000
30% Share Price: £51,000 (rent £272.71pcm)
50% Share Price: £85,000 (rent £194.79pcm)
75% Share Price: £127,500 (rent £97.40pcm)
Minimum 5% Mortgage Deposit (30% share): £2,550
Approximate Service Charges: £36.81 pcm*
Shared Ownership Lease: 999 years
Council Tax Band: TBC
Key Features
Brand new Shared Ownership home
Parking
Garden
Easy access to shops and train station
Close to open countryside
Spacious rooms
Particulars
Tenure: Leasehold
Lease Length: 999 years
Council Tax Band: Not specified
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 30%, full price £170,000, £2,550 Min Deposit. Calculated using a representative rate of 5.26%