2 bedroom apartment for sale
Fairbanks House, TW7 4FL
Share percentage 45%, full price £440,000, £9,900 Min Deposit.
Share percentage 45%, full price £440,000, £9,900 Min Deposit.
Monthly Cost: £1,968
Rent £674,
Service charge £166,
Mortgage £1,128*
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.
To be eligible for shared ownership you would need to meet the following criteria:
• Your annual household income does not exceed £90,000.
• 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 £440,000 and a purchaser would not need to meet the eligibility criteria listed above.
Summary
This superb modern home is available to buy from as little as £198,000 with a 45% share!
Description
Shared Ownership
This superb modern home is available to buy from as little as £198,000 with a 45% share!
Built by the highly-regarded Shanly Homes in 2017 is this spacious first floor home. Just a short walk from both Isleworth train station & Hounslow East underground, Fairbank House is perfectly situated just off London Road, offering a large selection of shops, restaurants and local amenities with easy access to the A4/M4 providing excellent routes into and out of the city centre.
The accommodation features an open plan lounge/kitchen/diner with two sets of doors that open to a private ‘wrap-around’ corner balcony, two double bedrooms and a well-appointed bathroom. The apartment still has several years remaining on the new build warranty and the current owners rent a car parking space from another resident on the development. No onward chain.
PRICING & AFFORDABILITY
Full Market Value: £440,000
45% Share Price: £198,000 (rent £674.47pcm)
Minimum 5% Mortgage Deposit (45% share): £9,900
Approximate Service Charges: £166 pcm*
Shared Ownership Lease: approx. 119 years
Council Tax Band: D
Key Features
Modern Shared Ownership home
First floor
Private ‘wrap-around’ balcony
Open plan lounge/kitchen/diner
Short walk from Isleworth train station & Hounslow East underground
Excellent presentation throughout
Particulars
Tenure: Leasehold
Lease Length: 119 years
Council Tax Band: D
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 45%, full price £440,000, £9,900 Min Deposit. Calculated using a representative rate of 5.26%
