House For Sale £120,000
Shared Ownership
This brand new home is available to buy from as little as £120,000 with a 50% share!
The well-connected village of Pinchbeck is located in the South Holland district of Lincolnshire, just two miles from the attractions of Spalding town centre.
Boasting an ideal location on the outskirts of Spalding, Pinchbeck Fields provides a charming village setting within close proximity of wider shopping opportunities. Pinchbeck itself has a range of convenient amenities, including a handful of traditional pubs, restaurants, village shops, a post office, and a local supermarket.
Just over a 5-minute drive from home, Springfields Outlet and Leisure is a leading retail destination with more than 50 high-street fashion and premium homeware brands. The outlet also contains an excellent selection of cafés and family restaurants, not to mention the Blue Diamond Home and Garden Centre, home to a spectacular range of outdoor furniture, ornaments and plants.
For those who prefer to shop local, the Spalding Farm Shop and Plant Centre boasts a horticultural and agricultural heritage spanning three generations. With everything from speciality cheeses, locally-reared meat and quality fruit and veg, to English produced wine and beautifully-crafted food hampers, Spalding Farm Shop truly has something for everyone.
The development enjoys easy access to the A16, for onward travel to Boston (13 miles) and Peterborough (20 miles), while the vibrant attractions of Spalding town centre can be reached within a 5-minute drive, via the local B1356 and A151 roads. Those who prefer to travel by train will find Spalding Station just two miles away, which provides direct services to major commuter areas such as Peterborough. Conveniently, a frequent bus service runs from Wardentree Lane, just a few minutes’ walk from the development, to a stop near to the entrance of Spalding Station.
This brand new mid terrace home features an open plan lounge/diner at the back of the house with a separate kitchen and a ground floor cloakroom. To the first floor are three bedrooms and a bathroom with the house also benefiting from parking and an enclosed rear garden.
PRICING & AFFORDABILITY
Approximate Size 1026 sq ft
Full Market Value: £240,000
50% Share Price: £120,000 (rent £275.00pcm)
60% Share Price: £144,000 (rent £220.00pcm)
75% Share Price: £180,000 (rent £137.50pcm)
Minimum 5% Mortgage Deposit (50% share): £6,000
Approximate Service Charges: £63.22 pcm*
Shared Ownership Lease: 125 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 Pinchbeck Fields you can buy a minimum 50% 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 £80,000 (outside of London) and £90,000 (inside of London)
• 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.
