2 bed flat for sale

Silver Street, Reading, Berkshire RG1

Shared Ownership

This superb modern home is available to buy from as little as £81,250 with a 25% share!

A bright and well-presented two bedroom apartment located within the heart of Reading. The property is on the third floor and offers well planned accommodation comprising two bedrooms, a modern bathroom and an open plan kitchen/living space with access to a private balcony. Further benefits include a long lease and allocated parking.

The property is only a short walk from all the local amenities, such as cinemas, shops, restaurants, local schools, hotels, and supermarkets, in the centre of Reading. It is also within a 10-minute walking distance to the Reading train station and is within easy access of the motorway network.
Pricing & affordability


Full Market Value: £325,000

25% Share Price: £81,250 (rent £704.43 pcm)
Minimum 5% Mortgage Deposit (% share): £4062.50
Approximate Service Charges: £231.31 pcm*
Shared Ownership Lease: Approx. 121 years
Eligibility


Shared Ownership gives first time buyers and those that do not currently own a home the opportunity to purchase a share in a new build or resales leasehold property. The purchaser pays a mortgage on the share they own and pays rent to a housing association on the remaining share. The combined mortgage and rent is usually less than you’d expect to pay if you bought a similar property outright although this is not a guarantee.

To be eligible for shared ownership you would need to meet the following criteria:

• Your annual household income does not exceed £80,000
• You have a deposit of at least 5% of the share value
• You do not own another property or have your name on the deeds or a mortgage for a property worldwide.
• This will be your only residence.
• You are a permanent UK resident or have indefinite right to remain.

*Service charges are estimated and may subject to change. Rent and service charges will be reviewed annually by your housing provider, usually on 1st April each year.

** This home can also be purchased outright (100% of the value) which is £325,000 and a purchaser would not need to meet the eligibility criteria listed above.