Robinson Close, Great Bromley

Position

You’ll be able to enjoy both stunning countryside and the convenience of a thriving town right on your doorstep. Great Bromley is just 7 miles east of Colchester and 5 miles south of the picturesque waterside town of Manningtree, with quick connections to the North Essex coast, Ipswich, Chelmsford and beyond to the M25 and London.
For your daily needs, The Cross Inn to the north of the village hosts a post office and cafe every day until noon and the nearest supermarket is Budgens in Elmstead Market, just five minutes away by car. You’ll also find a wide range of food and household shops and supermarkets less than six miles away in Colchester.

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 £220,000
You purchase a 50% share = £110,000 funded through a combination of your own deposit e.g. (£5,500) and mortgage (£104,500)
You rent the remaining 50% share = £110,000 x 2.5% rent = rent of £252.08 per month
5% 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 £220,000
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.

Eligibility

To be eligible for these homes you will need to be approved by www.helptobuyagent3.org.uk and a local connection is required to Great Bromley and the surrounding area within Tendring District Council.
Please speak to one of our advisors to find out more about owning a share in one of these fabulous properties.