2 bedroom house for sale
Foster Way, SO51 0AW
Share percentage 40%, full price £340,000, £6,800 Min Deposit.
Share percentage 40%, full price £340,000, £6,800 Min Deposit
Monthly Cost: £1,237
Rent £455,
Service charge £43,
Mortgage £739*
Calculated using a representative rate of 4.78%
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 £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.
*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 £340,000 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 £136,000 with a 40% share!
Description
Shared Ownership
This superb modern home is available to buy from as little as £136,000 with a 40% share!
A beautiful two bedroom semi detached property within this modern development in the quaint town of Romsey. This property provides well proportioned accommodation over two floors comprising entrance hall, living/dining room, kitchen, downstairs WC, two double bedroom and a family bathroom. Outside, there is a private rear garden and two allocated parking spaces.
Romsey is located in Hampshire, not far from the Southampton and Winchester. There are many notable features including the River Test, Romsey Abbey and Broadlands Estate. Independent shops, cafés, and markets give Romsey a quaint, small-town feel. A regular open-air market is held in the town square.
The town is well connected via Romsey Railway Station and various bus routes. Romsey lies within 10 miles of both the M27 (linking the south coast) and the M3 (into London)
PRICING & AFFORDABILITY
Full Market Value: £340,000
40% Share Price: £136,000 (rent £454.51 pcm)
Minimum 5% Mortgage Deposit (40% share): £6,800
Approximate Service Charges: £43.33 pcm*
Lease: 113 years
Key Features
Modern shared ownership home
Semi detached
Two bedrooms
Downstairs WC
Living/dining room
Separate kitchen
Private garden
Allocated parking
Particulars
Tenure: Leasehold
Lease Length: 113 years
Council Tax Band: D
Property Downloads
Floor PlanMap
Material Information
Total rooms:
Furnished: Enquire with provider
Washing Machine: Enquire with provider
Dishwasher: Enquire with provider
Fridge/Freezer: Enquire with provider
Parking: n/a
Outside Space/Garden: n/a
Year property was built: Enquire with provider
Unit size: Enquire with provider
Accessible measures: Enquire with provider
Heating: Enquire with provider
Sewerage: Enquire with provider
Water: Enquire with provider
Electricity: Enquire with provider
Broadband: Enquire with provider
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 £340,000, £6,800 Min Deposit. Calculated using a representative rate of 4.78%
