Plot 9 Victoria Views in Plymouth is a 1-bedroom new homes apartment forming part of an exciting new development, created by Harrington Homes.
This first floor apartment is light and bright. Internally the practical layout consists of an open plan living space, with a fitted kitchen it is the perfect space for entertaining. There is a well-proportioned bedroom with a Juliette Balcony overlooking the lovely park views of Victoria Park. There is a single separate family shower room.
Outside the property there is shared carpark, which has designated spaces, communal bin and bike store.
Specification: Please speak to our Sales Advisors who will be able to discuss plot specific specifications with you.
Part Rent, Part Buy:
This property is identified as part of the new shared ownership model ‘part rent part buy’.
To explain the scheme; you buy a share of your newly built home and pay a monthly rent on the part you do not buy. Your budget will decide the size of the share you buy, rather than the size of your home. So, you might decide to buy a bigger share of a lower priced home or a smaller share of a more expensive home.
You can purchase your share in either cash savings or by taking out a mortgage. If you are taking out a mortgage to finance your share, you will need to allow for a minimum of 5% deposit. The larger your deposit (typically 10%) the lower your mortgage repayments are likely to be. To start with, you can purchase up to 75% of your chosen home and the shared ownership company Home Reach will become your landlord granting you a 125-year lease. This means you will be able to live in the home as if you have bought it outright. On the share you do not purchase, you will pay rent of 2.75% of the unsold value, this will be paid monthly via direct debit. You can purchase more shares in the future until you own the whole property and stop paying rent altogether. For more information please speak to a Sales Advisor who will be able to guide you.
Example based on the £127,000 total cost.
- 50% Share: £63,500
- 5% Deposit: £3,175
- Mortgage Amount: £57,150
- Rent 2.75%: £145.52
- Mortgage Payment: £301.34
- Home Reach Admin Fee (pcm): £19.69
- Minimum Household Income: £17,725
- *Estimated Total Combined Monthly Cost: £492.00
*Estimated monthly cost is an illustrated figure only, based on a 25-year term, 3.99% mortgage rate. Please speak to an Independent Financial Advisor for exact costings.