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£100,000
Bedrooms
Bathrooms
Moat is pleased to present to the market this two bedroom second floor apartment located on the Horsted Park development in Chatham. Chatham train station is around two miles away with links to London (including High Speed services to St Pancras) and the Kent coast. There are local bus services to Maidstone and Chatham. There are local amenities nearby including a convenience store with Post Office, Tiger Moth pub, retail park and supermarkets. The historic town of Rochester is around two and a half miles away offering an extensive selection of shops, bars and restaurants, Castle and Cathedral as well as other historical attractions and events available throughout the year. There are several parks and open spaces to enjoy in the local and surrounding areas. JD Gyms and Rochester Health Club are within a mile and a half away with a selection of fitness and leisure facilities to choose from. There is a vast selection of schools in the area including Horsted Primary School, New Horizons Childrens Academy, Thomas Aveling School, St John Fisher Catholic School and Rochester Grammar School.
This property is currently available through shared ownership. To qualify for shared ownership you need to have a household income of less than 80k and be able to raise a high street mortgage to purchase a share or have sufficient savings to pay for the share outright In the future, you can increase your share and in most cases, own the property outright.
Full market value: 250,000
Current share for sale: 40%
Share value: 100,000
Monthly rent: 425.48
Monthly service charges: 175.15
DISCLAIMER:
In accordance with Consumer Protection from Unfair Trading Regulations 2008, these details and photographs have been prepared with due care, however the information contained therein is intended as a preliminary guide only. These particulars do not constitute any part of an offer or a contract. Where photographs are included, they are not always reproduced to scale.
Any intending purchaser must satisfy him/herself by inspection or otherwise as to the correctness of each of the statements and photographs contained in these particulars. None of the main services connected to any property have been tested and it is the purchasers responsibility to ascertain whether an inspection is required by a suitably qualified person. Moat does not take responsibility for the condition of the property as the lease requires the shared owner to deal with routine maintenance and upkeep.
Your property may be repossessed if you do not keep up repayments on your mortgage.
Monthly Payment: £ 8,216.87
Monthly Payment: £ 8,216.87
Monthly Payment: £ 8,216.87
Amortization For Monthly Payment: £8,216.87 over 30 years ( Based on 3.20% Interest )
Using your investment as a 25.00% deposit and £ 5,833 in costs for purchasing and getting ready to let.
Stamp Duty is a tax paid on completion via your solicitor, the calculation includes the 3% surcharge for second homes.
Your home may be repossessed if you do not keep up repayments on your mortgage.
The refurbishment budget is set to 2.50% of the purchase price, but this will vary dependent on the suitability of the property for the rental market. Select a value that you feel is appropriate to the condition of the property.
This will vary between lenders, type of report and whether or not you are buying with a mortgage, for advice on which type of survey would be appropriate speak with an advisor from Preston Baker Financial Services.
Lenders will often charge a fees for the arrangement of a mortgage, for advice on what lenders may charge, speak with an advisor from Preston Baker Financial Services. Your home may be repossessed if you do not keep up repayments on your mortgage.
This is the sum of mortgage admin, land registry, search, bank transfer and any other fees incurred.
Purchase costs include assumed mortgage and survey costs which are estimated. For a quote contact a Preston Baker Financial Services mortgage advisor who can provide you with current and accurate information. The stamp duty calculation has applid the 3% stamp duty surcharge on the basis that this will be a second property.
The mortgage is assumed to be interest only. Your home may be repossessed if you do not keep up repayments on your mortgage.
This is the percentage of the rent that you will spend maintaining the property.
Ground Rent only applies to leasehold properties. This is an assumed ground rent, the confirmed figure can be found in the Property Information Questionnaire.
Service charge only applies to leasehold properties. The correct figure can found in the Property Information Questionnaire answered by the seller.
This is a standard, indicative figure only. Properties that have a service charge often have this included withing that charge. Please consult the Property Information Questionnaire for more information.
Final Equity Profit = Final Property Value - Mortgage Required - Investment
Cumulative Rental Profit = Annual rental profit x Time of Investment
This is the assumed rate of house price inflation.
This is the property value at the end of the investment based on an assumed rate of % house price inflation.
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