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£71,250
Bedrooms
Bathrooms
Have you got 3,563* savings? Then you may be able to call this property your new home!
New 2 bedroom house available on a Shared ownership (part buy, part rent) sale.
Full market prices 285,000...
Coming approx October 2022, but enquire now!
More detail ....
Features:
€ Brand-new home
€ No onward chain
€ NHBC 10 year warranty (or similar)
€ Rent payable of 490 pcm (approx)
What is part buy, part rent?
Think of the scheme as a helping hand to get onto the property ladder. You buy a share in the property, and rent the rest from the housing association.
This means that you have a mortgage (or buy with cash) for the share that you own, and you pay rent on the value of the property you dont.
Most properties allow you to staircase (buy more of a share) in the property in the future quite easily - so you could own your property outright, depending on your financial circumstances, in the future!
Very few products survive 30 years virtually unchanged and remain so hugely popular and trusted, as Shared Ownership has done.
Did you know...part buy, part rent isnt just for first time buyers! Everyone is welcome to apply, as long as you dont own another property and earn less than 80,000*
*please note limits may vary depending on the size of the property. If you own another property, you are welcome to apply, as long as your home is under offer.
How much will you have to buy?
You have to buy (get a mortgage for) at least the advertised share in the property. The exact amount you buy will be based on your monthly income, outgoings and deposit. This is decided by the panel financial advisor. He uses a special income test to make sure you can afford to purchase and live comfortably. The shares you do not purchase you rent from Vivid. The fee / rent for these shares are paid monthly to Vivid.
There are eligibility conditions for our homes. Shared Ownership is a government product that is there to help people purchase a home of their own. It is only there for those people who cant afford to do it on their own through the traditional mortgage route.
€ nb: The name Shared Ownership is misleading .. The home is yours .. We are a silent partner.
Are our computer generated pictures correct?
The CGIs used are not to scale and may not be exactly the same when theyre built. Theyre just a guide.. But the homes we build should be very similar. Pictures of trees and green areas, fences and paths are used to give an impression of what it could look like. The landscape and layout may change. The home you like may not include these and finishes and specification may change.
Internal images of the property are of a previous show home built by Vivid Homes and are shown to give an idea of the quality of finish to be expected.
For more information on this shared ownership property please fill in your details on the request details button and Property Eagle or Vivid Homes will be in contact to answer any questions that you may have.
We tell you all this information to make sure you know what to expect and to make sure we comply with the Consumer Protection Regulations 2008.
Please note that the computer generated image above is for illustrative purposes only.
*Based on someone purchasing a 25% share in this property and securing a 5% deposit with a lender (with no existing debt). You can have debt. Who doesnt nowadays! But note Income / debt / savings and credit history play a part on the mortgage rate you are able to secure with a lender. Applicants will be means tested to determine the share they can afford to purchase. This will affect the rate of rent stated in this listing.
Please note that eligibility conditions apply () and applicants will be means tested for affordability. You may be assessed to purchase a larger share than advertised depending on your finances.
The prices are guidance values only and are subject to change
Local applicants may take priority for these homes.
Staircasing details are still to be confirmed so could be subject to staircasing restrictions. We are confirming some details with the Local Authority which could mean you waiting a few weeks to hear from us.
The monthly service charge is 37 approx. Minimum share from 25% and the rent is based on 2.75%
Applicants must be registered with the Help to Buy agent.
Details and price are correct at the time of publication/print.
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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