3 bedroom detached house for sale

Shared Ownership

This brand new home is available to buy from as little as £318,750 with a 75% share!

Wykham Park is a fabulous range of brand new Shared Ownership homes in Banbury, a sought-after Oxfordshire location.

New facilities will include a brand-new primary school, an extension to the existing Secondary School, a community centre, and sports and play areas. Wykham Park is a great opportunity to live in a town with a historic heart, excellent commercial and retail options, and a firm eye on the future. Banbury is just off the M40, linking London with Birmingham, so it’s an excellent location for commuters. Oxford is only 22 miles away, and Birmingham, just 27 miles away. As for the Cotswolds, Chipping Norton is only 13 miles away, and from there, the adventure starts. Historic towns and villages, classic country pubs, and above all, beautiful countryside, are perfect for a day out of town.

This brand new detached home features a lounge, spacious kitchen/diner with access through to a utility room plus a cloakroom on the ground floor. The first floor offers three bedrooms (bedroom one with an en suite and dressing room), and a family bathroom. Externally is parking, garage and an enclosed garden.

PRICING & AFFORDABILITY

Approximate Size 964 sq ft

Full Market Value: £425,000

40% Share Price: £170,000 (rent £584.38pcm)
50% Share Price: £212,500 (rent £486.98pcm)
75% Share Price: £318,750 (rent £243.49pcm)

Minimum 5% Mortgage Deposit (40% share): £8,500
Approximate Service Charges: £60 pcm*
Shared Ownership Lease: 990 years
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 Wykham Park the maximum share 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 this Shared Ownership scheme 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.

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. Rent and service charges will be reviewed annually by your housing provider, usually on 1st April each year.

*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.