Shared Ownership
This superb modern home is available to buy from as little as £137,500 with a 50% share!
Located in Newport on the Isle of Wight is this three bedroom end of terrace home which is presented in good order throughout. The accommodation is spacious and well planned with a kitchen, spacious reception and WC on the ground floor and three bedrooms and a bathroom upstairs. Outside, this home benefits from two allocated parking spaces and at the rear, there is a private garden with a patio area, grass and a large storage shed.
Newport is the almost central point of the Isle of Wight and provides a range of every day conveniences and amenities. Newport Market Hall has been recently redeveloped into a modern food and artisan space and there are a variety of independent and major retailers. The yearly Isle of Wight Festival is held just outside of Newport and many beautiful beaches are within easy reach.
PRICING & AFFORDABILITY
Full Market Value: £275,000
50% Share Price: £137,500 (rent £426.98 pcm)
Minimum 5% Mortgage Deposit (% share): £6,875
Approximate Service Charges: £40.17 pcm*
Lease: 107 years
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 £275,000 and a purchaser would not need to meet the eligibility criteria listed above.
