Shared Ownership
This brand new home is available to buy from as little as £115,250 with a 50% share!
Birch Fields is an innovative new development that offers an elegant collection of 2, 3 and 4 bedroom mews, semi-detached and detached homes, located in the much sought after location of Arnold. Only a few miles from Nottingham, this development benefits from the vibrancy of the city - and the calm of Nottinghamshire’s breath-taking countryside.
This new development benefits from excellent public transport links. The nearby Carlton Railway Station provides connections to Nottingham and Lincoln; all of the extensive UK rail networks can be accessed from either of these city stations.
The Holt is a perfect first home. The ground floor provides a modern open plan kitchen/dining area and separate lounge (some plots have the ‘closed kitchen floor plan’ – see individual plots for details). French doors bathe the living room in daylight and lead out to the rear garden. A useful downstairs W/C and additional storage finish the ground floor. The first floor boasts two good sized double bedrooms, a contemporary family bathroom and further additional storage space.
PRICING & AFFORDABILITY
Full Market Value: £230,500
25% Share Price: £57,625 (rent £396.17pcm)
50% Share Price: £115,250 (rent £264.11pcm)
75% Share Price: £172,875 (rent £132.06pcm)
Minimum 5% Mortgage Deposit (25% share): £2,881
Approximate Service Charges: £17.82 pcm*
Council Tax Band: TBC
Shared Ownership Lease Length: 990 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.
At Birch Fields you can buy a minimum 10% share of your home (the maximum you can buy initially is 75%). When you’re ready, you can buy more shares until you staircase to owning 100% of your home.
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.
Please note the minimum share you can purchase can vary depending on your financial situation and you may be asked to purchase a larger share, should your personal circumstances permit.
*Service charges are estimated and may subject to change.
**These photos are for information purposes only and may not represent a true likeness for the units being sold. They may have been taken from earlier phases or similar developments/house types and digitally furnished to represent how the home could be laid out; the final colours/appearance/specification may differ from the images and are not plot specific. We advise applicants to make their own investigations on future development in the area. We would suggest contacting the local authority for more information.
