A new exciting development of one and two bedroom apartments located just off of Banner Lane. We are pleased to announce that Shared Equity is available on this development which would mean if you can fund 5% of the total purchase price then you could be considered for a shared equity scheme. Please see further detail below:
There are 20 one and two bedroom apartments available with reservations being taken now!
This apartment is fully fitted to include cooker, electric oven and grill, dishwasher and freestanding fridge freezer. A washing machine is fitted in the utility. Ceramic tiles throughout kitchen & Bathroom and carpets in the lounge, bedroom and hall.
ONE BEDROOM APARTMENTS
This scheme offers a one bedroom apartment at £83,950 if you have a deposit of £3149 you maybe able to do a 75/25 shared equity. You would need to be able to obtain a mortgage of £59,814.
TWO BEDROOM APARTMENTS
There are two bed apartments available from £94,950 if you have a deposit of £3561 you may be able to have a 75/25 shared equity. You would need to be able to obtain a mortgage of £67,652
If you would like to know whether you are able to obtain a mortgage for the amounts above please do not hesitate to contact us and we can get a mortgage advisor to contact you.
If you would like to view the development or preview the apartments then please call us on 02476 220 444 or simply email us laura@shortland-horne.co.uk
If your requirements have changed or you are no longer looking please contact us.
ELECTRIC WHARF - 3 & 4 BEDROOM TOWHOUSES
There are three and four bedroom townhouses available on this development.
3 bedroom homes from £174,950 if you have a deposit of £6749 you may be able to have a 75/25 shared equity. You would need to be able to obtain a mortgage of £128,214
4 bedroom homes from £194,950 if you have a deposit of £7311 you may be able to have a 75/25 shared equity. You would need to be able to obtain a mortgage of £138,902
If you would like to know whether you are able to obtain a mortgage for the amounts above please do not hesitate to contact us and we can get a mortgage advisor to contact you.
If you would like to view the development or preview the apartments then please call us on 02476 220 444 or simply email us laura@shortland-horne.co.uk
If your requirements have changed or you are no longer looking please contact us.
Standard Shared Equity explained
The Shared Equity is an exciting scheme for the first time buyers or an up and coming professional and enables you to purchase your new home for only 75% of the price and still own 100% of the property.
Advantages:
You own 100% for 75% of the price now.
A deposit is not necessarily required.
You have up to 10 years to repay the outstanding 25% at market value.
Your home is yours 100% from the day you complete.
This deal is a 10 year scheme. No rent or interest is charged to you on the 25% equity which is secured by a loan agreement by the developer for 10 years. The Developer takes a second charge on the property. There is No Interest Charge for the first 10 years. After 10 years you will need to settle the outstanding loan by either selling your property or by extending your mortgage to cover the outstanding balance. You can do this at any point during the 10 year period.
When you sell your home after 10 years or before, the developer gets back their investment of 25% of the value of the market value and whatever is left is yours!
So how do I take this offer up?
Our Financial Advisor qualifies the customer
Customer reserves on 75/25 shared equity on reservation.
They must use your recommended solicitors/FA
Mortgage provider supplies 75% of purchase price.
The Developer loans the outstanding 25% of the purchase price free of charge for the first ten years.
What happens to the 25% loan after 10 years?
Settle the loan at the end of the 10 year period either by selling the property or by extending their mortgage to cover the outstanding balance. This can be done at any point in the 10 years.
The 25% can be paid back in instalments.
Your valuation will be determined by the average of two independent valuations when you resell, transfer or make an earlier repayment or at the end of the 10 year period.
What happens when the value of my home falls?
You will only ever pay 25% of the value determined at the point of transfer sale or at the end of the 10 year period. If the value of your home has fallen you will only pay 25% of that value if you want to buy the remainder share.
