Shared Ownership

This superb modern home is available to buy from as little as £198,000 with a 45% share!

Built by the highly-regarded Shanly Homes in 2017 is this spacious first floor home. Just a short walk from both Isleworth train station & Hounslow East underground, Fairbank House is perfectly situated just off London Road, offering a large selection of shops, restaurants and local amenities with easy access to the A4/M4 providing excellent routes into and out of the city centre.

The accommodation features an open plan lounge/kitchen/diner with two sets of doors that open to a private ‘wrap-around’ corner balcony, two double bedrooms and a well-appointed bathroom. The apartment still has several years remaining on the new build warranty and the current owners rent a car parking space from another resident on the development. No onward chain.

PRICING & AFFORDABILITY

Full Market Value: £440,000

45% Share Price: £198,000 (rent £674.47pcm)
Minimum 5% Mortgage Deposit (45% share): £9,900
Approximate Service Charges: £166 pcm*
Shared Ownership Lease: approx. 119 years
Council Tax Band: D

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 £90,000.
• 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 £440,000 and a purchaser would not need to meet the eligibility criteria listed above.