Shared Ownership

This superb modern home is available to buy from as little as £98,000 with a 40% share!

A one bedroom first floor apartment located within the centre of Redhill in Surrey. The property provides bright and well-presented accommodation comprising a spacious living/dining space open plan with a fitted kitchen and providing access to a private balcony, a large double bedroom with built in wardrobes and a modern bathroom.

Redhill is an excellent choice for those seeking to strike a balance between rural tranquillity and the excitement of city life. This charming Surrey town is ideally placed for commuters with quick and efficient transport links to London, taking a mere 30 minutes to Victoria Station. This property is centrally situated just minutes from Redhill train station and its array of local amenities.

PRICING & AFFORDABILITY

Full Market Value: £245,000

40% Share Price: £98,000 (rent £423.79pcm)
Minimum 5% Mortgage Deposit (40% share): £4,900
Approximate Service Charges: £94.34pcm*
Shared Ownership Lease: approx. 244 years
Council Tax Band: C

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 £245,000 and a purchaser would not need to meet the eligibility criteria listed above.