FANTASTIC FTB opportunity to purchase 50% share of very light & spacious 2 bed apartment. This second floor property comprises of entrance hall with handy full height storage cupboard; 2 good size bedrooms; open plan living/dining room; kitchen with fitted units, extractor fan, plumbing for washing machine and fitting for gas or electric cooker; family bathroom with storage cupboard and three price suite with over bath shower.
The bathroom, kitchen and master bedroom have recently been redecorated and the whole flat is in excellent condition. Viewing is highly recommended to really appreciate the size and quality of the accommodation on offer.
Every window of the flat offers fantastic views over fields, the river & Selby Abbey. The flat is also extremely energy efficient, which really helps keep heating bills down (HIP available). There is gas central heating & uPVC double glazing.
What are the benefits of shared ownership?
● As you are purchasing a share in a property, you will only need to find a mortgage for the share you are buying i.e. 50%. This not only means that you need to find a smaller deposit in order to get a mortgage, but the combined mortgage and rent costs should be less than if you had a mortgage for the full property value.
For example:
£100k property value = £10k (10%) deposit = £575 mortgage pcm*
50% share of £100k property = £50k = £5k (10%) deposit = £285 mortgage pcm* + £210 rent = £495 pcm
Saving - £5K deposit + £80 per month
● As the remaining share of the property is owned by a Housing Association, they are able to provide support, and should you find homeownership a struggle, provide an extra safety net and peace of mind.
● SYHA’s expenditure is independently audited which ensures their rental income is appropriately spent and also protects against inappropriate rises in rent.
● As the property value increases, your equity share increases, earning you profit on your share of the property.
● You have total control of the running of the property and can make any cosmetic changes, as you wish.
● You can buy a bigger share of the property, in manageable chunks, until you eventually own 100%.
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