The Development
The development Banbury Rise is situated in a quiet sought-after residential area to the North of Banbury.
Boasting a collection of spacious 3 bedroom homes available for Shared Ownership. Banbury Rise is perfectly connected in every direction making it a home buyers dream.
There are great transport links, with the M40 close by with direct routes to Oxford, London and Birmingham. In addition, Banbury Train station is a mere 1.8 miles away where commuters can access regular trains to London Marylebone, Oxford and Birmingham
Banbury town is conveniently located a few miles from the development where purchasers will be able to shop in the Castle Quay shopping centre which has a plethora of shops and restaurants. Alternatively, they can opt to explore historic buildings, take a boat ride down the Oxford Canal, or enjoy the surrounding Oxfordshire countryside.
The Property
These properties briefly comprise of an Entrance Hall, Living Room, WC and Kitchen/Dining Room
To the first floor, there are two double bedrooms, one of which includes an ensuite, a single bedroom and a family bathroom. Additional benefits include allocated parking for two vehicles and an enclosed rear garden.
Prices
The Kilburn – 3 Bedroom Semi-Detached House
Plots 451 452 453 459
Full Market Value - £320,000
£128,000 for a 40% share (deposit from £6,400)
Monthly Rent on remaining share £440.00
£160,000 for a 50% share (deposit from £8,000)
Monthly rent on remaining share £366.67
£240,000 for a 75% share (deposit from £12,000)
Monthly rent on remaining share £183.33
Other shares can be purchased subject to an affordability assessment.
Examples of deposit rates are based on our minimum required deposit rate of 5%. However please seek financial advice to confirm what deposit rate is available to you.
Council Tax TBC – due to these properties being new builds and not being previously occupied the council tax and banding has not yet been set.
Service Charge – A service charge will be charged against the property and is paid monthly with your rent payment. The service charge is reviewed on an annual basis on April 1st. This will include Buildings insurance, management and any communal/estate charges that may be covered (if applicable). The service charge displayed is estimated based on the initial assessment of the scheme, please contact the sales consultant for details.
Ground Rent – Not applicable
Homes England Key Information Document – please refer to our website to read through our key information document for this property. This will include pricing details, eligibility and some lease information.
NEXT STEPS:
- For further information, please download our brochure below.
- TO APPLY NOW, Please register with Help to Buy for Shared Ownership.
- Then send your approved Help to Buy Application form or reference number to the Sales Team.
- Upon receipt of your application, we will refer you for an affordability assessment to determine the most affordable share for you.
- Once you have passed the affordability assessment, we will then be in contact to confirm the availability.
- If there is a suitable property we will then issue out your offer letter and advice on how to pay your £250.00 reservation fee for your new home.
Shared Ownership is a fantastic opportunity if you're an unable to purchase a home on the open market. It allows you to buy a share in a property on a part buy/part rent basis and pay a subsidised rent on the part that you do not own. Over time, you can purchase more shares in your property – this is known as ‘staircasing’. This can be done at any time after initial purchase and it will reduce the amount of rent you pay, as the share of the home that you do not own will have got smaller.
We will offer shares between 25-75% of the property value depending on the outcome of the affordability assessment. The higher the share you purchase, the lower your rent will be. You will need to be able to obtain a mortgage for the share you want to purchase unless you have sufficient funds to enable you to purchase a share outright. Deposit amounts will be lower than purchasing a property on the open market also the combined cost of mortgage and rent is often cheaper than privately renting in the area.
For more detailed information and your obligations in relation to shared ownership please download our ‘Guide to Shared Ownership'
Am I eligible?
Shared Ownership uses the following criteria to help people to get onto the property ladder:
- Maximum annual household income of £80,000.
- Unable to purchase a home suitable for your needs.
*Please note some images are typical and should be used as a guide only