2 bedroom apartment for sale
Plot E2 -02 Sterling Gardens, RG14 5FE
Share percentage 40%, full price £330,000, £6,600 Min Deposit.
Share percentage 40%, full price £330,000, £6,600 Min Deposit.
Monthly Cost: £1,449
Rent £454,
Service charge £243,
Mortgage £752*
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 Sterling Gardens you can buy a minimum 40% 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. Rent and service charges will be reviewed annually by your housing provider, usually on 1st April each year.
**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 £132,000 with a 40% share!
Description
Sterling Gardens is a fabulous collection of 1 & 2 bedroom shared ownership homes, situated within walking distance of Newbury train station. All homes within the development come with a right to park in a secure gated undercroft car park and there are fabulous ‘London-style’ communal grounds which are the centre point of this superb development.
Nestled between the North Wessex Downs and Chiltern Hills, Newbury is an outstanding area of natural beauty. An extensive network of public footpaths ensures that within minutes of leaving the town centre you can be immersed in rolling countryside and woodland retreats.
With an easy commute to both Reading and London, Sterling Gardens is perfectly placed for work and leisure allowing residents the best of both worlds; avoiding the hustle and bustle of the city and instead experiencing the charm of countryside living. Direct trains to Reading take from 23 minutes and to London Paddington can take as little as 43 minutes. By car, Junction 13 of the M4 can be reached within 15 minutes’.
For a bit of retail therapy, Newbury offers a complementary blend of old and new. Big brand names sit side by side with small independent shops. Boutiques offering hidden gems meaning you never need to venture far. With a bi-weekly Market and monthly Farmers and Artisan Market locally sourced goods are a must for any foodie. With an easy commute to both Reading and London, Sterling Gardens is perfectly placed for work and leisure allowing residents the best of both worlds; avoiding the hustle and bustle of the city and instead experiencing the charm of countryside living.
PRICING & AFFORDABILITY
Full Market Value: £330,000
40% Share Price: £132,000 (rent £453.75pcm)
50% Share Price: £165,000 (rent £378.13pcm)
75% Share Price: £247,500 (rent £189.06pcm)
Minimum 5% Mortgage Deposit (40% share): £6,600
Approximate Service Charges: £242.78 pcm*
Shared Ownership Lease: 910 years
Council Tax Band: TBC
Key Features
Brand new Shared Ownership home
Secure undercroft residents parking
Superb communal grounds
Walking distance to Newbury Train Station
Excellent local amenities and commuter links
Spacious open plan accommodation
Particulars
Tenure: Leasehold
Lease Length: 910 years
Council Tax Band: New build - Council tax band to be determined
Property Downloads
Floor Plan Brochure Price ListMap
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 £330,000, £6,600 Min Deposit. Calculated using a representative rate of 5.26%
