Shared Ownership
This superb modern home is available to buy from as little as £112,000 with a 40% share!
Situated in a quiet cul-de-sac on Lorimer Close, this well-proportioned two-bedroom home offers approximately 770 sq ft of accommodation arranged over two floors, making it an ideal first-time purchase or downsizing opportunity.
The ground floor comprises an entrance hall with a convenient cloakroom/WC, a fitted kitchen positioned to the front of the property, and a generous living room to the rear providing ample space for both seating and dining areas. Large windows help create a bright and welcoming living environment.
Upstairs, the property features two well-sized double bedrooms together with a family bathroom and central landing.
Outside, there is allocated parking and a good size private garden to the rear.
Situated in the popular village of Bishops Cleeve on the northern edge of Cheltenham, Lorimer Close forms part of a modern residential development that combines a community feel with excellent access to both countryside and town-centre amenities. The area has become increasingly sought-after with families, professionals and downsizers alike, thanks to its range of local facilities and convenient commuter links.
PRICING & AFFORDABILITY
Full Market Value: £280,000
40% Share Price: £112,000 (rent £456.40 pcm)
Minimum 5% Mortgage Deposit (% share): £
Approximate Service Charges: £43.35 pcm*
Lease: 987 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 £280,000 and a purchaser would not need to meet the eligibility criteria listed above.
