Shared Ownership
This brand new home is available to buy from as little as £132,500 with a 50% share!
Discover a fantastic opportunity to make your move to Stephenson Mews, an attractive collection of contemporary new homes in the charming village of Urlay Nook, Eaglescliffe. We are delighted to offer a small selection of houses available through Shared Ownership, providing an affordable route to owning a brand new home in this popular location. Designed with modern living in mind, these stylish properties combine well-planned accommodation, contemporary finishes and comfortable living spaces ideal for first time buyers, couples and growing families.
Perfectly positioned for the best of both town and country, Stephenson Mews enjoys open countryside nearby while the vibrant market town of Yarm offers a great choice of shops, cafés, bars and restaurants. Commuters are equally well catered for, with Allens West railway station, Teesside International Airport and excellent road connections via the A19 and A1(M) all within easy reach.
The Hickory is a beautifully designed home, offering spacious and versatile accommodation perfectly suited to modern family life. The ground floor features a welcoming separate lounge to the front, while to the rear is an impressive open plan kitchen and dining area, complete with bi-fold doors opening directly onto the garden. A separate utility room, useful storage cupboard and convenient downstairs WC complete the ground floor.
Upstairs, the generous principal bedroom benefits from its own private en-suite shower room, while a second double bedroom and well proportioned third bedroom provide plenty of flexibility for family, guests or home working. A contemporary family bathroom completes the first floor, making The Hickory a superbly balanced home with thoughtful spaces throughout. Externally is off road parking and an enclosed rear garden.^
PRICING & AFFORDABILITY
Full Market Value: £265,000
50% Share Price: £132,500 (rent £303.65pcm)
60% Share Price: £159,000 (rent £242.92pcm)
75% Share Price: £198,750 (rent £151.82pcm)
Minimum 5% Mortgage Deposit (50% share): £6,625
Approximate Service Charges: £22.99 pcm*
Shared Ownership Lease: 990 years
Council Tax Band: TBC
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 Stephenson Mews advertised shares start at 50% (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. Rent and service charges will be reviewed annually by your housing provider, usually on 1st April each year.
**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.
^ Please note that flooring is not included throughout on these homes. Flooring will be provided to the wet areas only (kitchen, bathroom etc).
