Shared Ownership
This superb modern home is available to buy from as little as £65,000 with a 40% share!
This first floor apartment offers spacious and well balanced accommodation that features a generous open plan kitchen/lounge area, two well proportioned bedrooms and a modern family bathroom. Externally, the property further benefits from one allocated parking space.
Situated on the Isle of Wight in Newport, the property is well placed for a wide range of everyday amenities. Newport town centre is within easy reach and offers a variety of shops, supermarkets, cafés, restaurants and leisure facilities, as well as the popular Quay Arts Centre and Cineworld cinema. The area also provides access to several well-regarded schools, parks and green spaces, making it an appealing location for a range of buyers.
The property is conveniently located for excellent transport connections across the island, with regular bus services operating through Newport providing links to surrounding towns including Ryde, Cowes, Sandown and Shanklin. For mainland travel, nearby ferry services from East Cowes, Cowes and Fishbourne offer routes to Southampton and Portsmouth, providing onward rail and road connections to London and beyond.
PRICING & AFFORDABILITY
Full Market Value: £162,500
40% Share Price: £65,000 (rent £218.56pcm)
Minimum 5% Mortgage Deposit (40% share): £3,250
Approximate Service Charges: £112.84pcm*
Lease: 111 years remaining
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.
