Nursery Lane

Location

Ufford village has 2 pubs/restaurants, sports and recreation club and hotel. There is a good selection of schools in the area both state and independent from pre-school up to sixth form. Train station at nearby Melton.

What is Shared Ownership?

Shared ownership could be your step on to the property ladder. This home ownership scheme allows you to purchase a share in your home and rent the remaining unowned share.

How does Shared Ownership Work?

You buy an initial share of between 50% and 75% of the property's full value and pay a subsidised rent on the remaining share you don't own. You may purchase further shares up to 100% of the full property value, as your circumstances change, although there is no obligation to do so. You will be asked to speak with a Financial Advisor to assess what share you can buy, ensuring this is both affordable and sustainable, based on your circumstances.
Shared ownership can be cheaper than renting a property privately as the mortgage cost and subsidised rent usually add up to less than the equivalent rental payments to a landlord.

Example:

. Property Purchase price £240,000
. You purchase a 50% share = £120,000 funded through a combination of your own deposit (£6,000) and mortgage (£114,000)
. You rent the remaining 50% share = £120,000 x 2.5% rent = rent of £275.00 per month
. 75% is the maximum share price which you can initially purchase.
. There is an option to purchase up to 100% of the property value at a later point should you wish to do so. The property has a buy-back clause and you will not own the freehold as this property is in a designated protected area.
. You enjoy all the benefits of living in a brand new home with an open market value of £240,000
. You can stay in the property for as long as you wish and can sell the share you own at any time. You make the decisions.
. For further information contact homesales@orwell-housing.co.uk or telephone 07595 120688 / 07749 417399