2 bedroom apartment

Shared Ownership

This brand new home is available to buy from as little as £112,500 with a 25% share!

Gillan Mews is a brand new collection of 2 and 3 bedroom homes, situated in an excellent location and available to purchase via the Shared Ownership Scheme.

The immediate area is well served by good local schools and conveniently located for both Grove Park (0.2 miles) and Lee Station (1.4 miles) with frequent trains into the city. Grove Park Station has direct links into London Bridge, Charing Cross, Blackfriars, Waterloo East & Cannon Street in as little as 14 minutes. Close by are several popular open spaces including Northbrook and Hornfair Parks. The highly sought after Eltham College and Colfes schools are both within easy reach as are the daily conveniences of Grove Park high street.

This brand new first floor apartment features an open plan lounge/kitchen/diner with a private balcony, two bedrooms (master with en suite) and a bathroom. Externally residents will benefit from a new residents communal garden. Please note, there is no parking with the home.

PRICING & AFFORDABILITY

Approximate Size 73.5 sq m

Full Market Value: £450,000

25% Share Price: £112,500 (rent £773.44pcm)
50% Share Price: £225,000 (rent £515.63pcm)
75% Share Price: £337,500 (rent £257.81pcm)

Minimum 5% Mortgage Deposit (25% share): £5,625
Approximate Service Charges: £94.75 pcm*
Council Tax Band: TBC

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.

At Gillan Mews you can buy a minimum 25% share of your home (the maximum you can buy initially is 75%). When you’re ready, you can buy more shares until you staircase to owning 100% of your home.

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

• Your annual household income does not exceed £90,000.
• 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.

Please note the minimum share you can purchase can vary depending on your financial situation and you may be asked to purchase a larger share, should your personal circumstances permit.

*Service charges are estimated and may subject to change.

*These photos are for information purposes only and may not represent a true likeness for the units being sold. They may have been taken from earlier phases or similar developments/house types and digitally furnished to represent how the home could be laid out; the final colours/appearance/specification may differ from the images and are not plot specific. We advise applicants to make their own investigations on future development in the area. We would suggest contacting the local authority for more information.