2 bedroom apartment for sale
Prospect House, Frean Street, SE16 4AE
Share percentage 40%, full price £550,000, £22,000 Min Deposit.
Share percentage 40%, full price £550,000, £22,000 Min Deposit.
Monthly Cost: £1,910
Rent £595,
Service charge £199,
Mortgage £1,116*
Calculated using a representative rate of 4.64%
Calculate estimated monthly costs
You may be eligible for this property if:
- You have a gross household income of no more than £90,000 per annum.
- You are unable to purchase a suitable home to meet your housing needs on the open market.
- You do not already own a home or you will have sold your current home before you purchase or rent.
Summary
Available through our resale shared ownership scheme, a fourth floor, two-bedroom apartment in Bermondsey! CHAIN FREE & EWS available!
Description
The property comprises a communal entrance with entry system, lift access, open plan kitchen and reception, kitchen with integrated appliances, private balcony, two bedrooms, master bedroom with built-in wardrobe, family bathroom with shower over bath and hallway storage cupboards.
The property also benefits from access to a communal garden and permit parking.
CHAIN FREE / EWS available
Lease: Commenced 2009 with 125-year term
Council Tax Band: Southwark Council - E
Approx. Gross Internal Area: 607sq.ft.
FINANCIAL INFORMATION
Property Value = £550,000
Percentage Share = 40%
Share Price = £220,000
*Monthly Rent = £594.50
*Monthly Service Charge = £198.52
**Monthly Mortgage Payment = £1,124
***Annual Household Income = £74,000
*Please note the rent and service charge is reviewed annually 01 April.
** Based on a 90%, 30-year repayment mortgage with an interest rate at 5.5%.
***Is based on a 10% mortgage deposit. If you have a higher deposit Hyde New Homes can discuss how the salary required is reduced (approximately every 5% extra deposit reduces the salary required by £1,200).
Your home may be at risk if you do not keep up your mortgage and rent repayments. Particulars give an overall description of the property and are not intended to constitute an offer or form part of any contract. Areas, distances or measurements referred to are approximate. For confirmation of property details refer to the terms of the lease and plans from your solicitor. Hyde New Homes Resale properties are sold as seen, photographs and details (excluding financial information) are provided by the leaseholder. Please note that the Resales Team have not visited this property.
Key Features
Convenient location close to Bermondsey station offering easy access to central London, Canary Wharf, and walking distance to the City of London. London Bridge mainline station also servicing the Jubilee and Northern Tube lines is within walking distance. Easy access to the fashionable Bermondsey Street, Maltby Street Market and Borough Market. Nearby local amenities such as doctor’s surgery, pharmacy, bakery and other local shops. Only a 5-minute walk to the river and a nearby Tesco and Co-Op for convenience.
Particulars
Tenure: Leasehold
Lease Length: 110 years
Council Tax Band: E
Property Downloads
Floor Plan Energy CertificateMap
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 40%, full price £550,000, £22,000 Min Deposit. Calculated using a representative rate of 4.64%
