2 bedroom apartment for sale
East Terrace, Six Hills House, Kings Road, SG1 1AU
Share percentage 70%, full price £225,000, £7,875 Min Deposit.
Share percentage 70%, full price £225,000, £7,875 Min Deposit.
Monthly Cost: £1,292
Rent £205,
Service charge £210,
Mortgage £877*
Calculated using a representative rate of 5.03%
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 £225,000 and a purchaser would not need to meet the eligibility criteria listed
Summary
This superb modern home is available to buy from as little as £157,500 with a 70% share!
Description
Shared Ownership
This superb modern home is available to buy from as little as £157,500 with a 70% share!
This two bedroom second floor apartment provides bright and airy accommodation comprising an open plan kitchen/living space, two bedrooms, master en-suite shower room and a further family bathroom. Further benefits include allocated off street parking and a lease over 100 years.
The property is located just outside Stevenage's town centre and just a few minutes away from the railway station. The train travels to Kings Cross, in Central London, in 27 minutes from there.
The close A1 motorway is just a few minutes' away drive for travel north or south from the town.
Luton and its incredibly convenient airport is also just 30 minutes away from the flat by car.
All local amenities are nearby, including several supermarket chains, restaurants, pubs and schools, many of which are within walking distance.
PRICING & AFFORDABILITY
Full Market Value: £225,000
70% Share Price: £157,500 (rent £204.91 pcm)
Minimum 5% Mortgage Deposit (50% share): £7,875
Approximate Service Charges: £209.61 pcm*
Shared Ownership Lease: approx. 111 years
Council Tax Band: C
Key Features
• Modern shared ownership home
• Two double bedrooms
• Fitted kitchen
• Open plan reception room
• Allocated parking
• Long lease
• No onward chain
Particulars
Tenure: Leasehold
Lease Length: 111 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 70%, full price £225,000, £7,875 Min Deposit. Calculated using a representative rate of 5.03%
