Bishops Place Apartments
Paignton – Ground Floor
Home Reach – Part Rent, Part Buy
Open Plan Living
Modern Fitted Kitchen
Plot 3 Bishops Place Apartments is a 2-bedroom apartment forming part of an exciting new development, created by Harrington Homes Ltd.
The double-fronted home benefits from a locally sourced stone façade creating a contemporary feel that is aesthetic to the local area. This ground floor apartment benefits from a welcoming entrance lobby. Internally the layout is practical and consists of an open plan living space perfect for cooking and entertaining. There are 2 well-proportioned bedrooms and separate family shower room, with some storage space provided.
Outside the property there is a modern designed landscaped shared communal gardens and bike store.
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 don’t 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’ve 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 shared 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 £180,600 total cost.
- 50% Share: £90,300
- 5% Deposit: £4,515
- Mortgage Amount: £81,270
- Rent 2.75%: £206.94
- Mortgage Payment: £406.86
- Home Reach Admin Fee (pcm): £19.25
- Minimum Household Income: £22,812
- *Estimated Total Combined Monthly Cost: £633.04
*Estimated monthly cost is an illustrated figure only, based on a 25-year term, 3.5% mortgage rate. Please speak to an Independent Financial Advisor for exact costings.
Specification: Please speak to our Sales Advisors who will be able to discuss plot specific specifications with you.