Homes at Metropolitan’s Pearmain House perfect for starters
21 November 2014
Priced out home-seekers in Harrow looking to start their journey info home ownership have been given an opportunity to buy a stunning, modern new apartment for less than they might expect through Shared Ownership at Metropolitan’s Pearmain House development, situated just a few minutes’ walk from Rayners Lane Underground station.
Pearmain House comprises 25 one bedroom and 13 two bedroom beautifully designed apartments arranged across seven floors. Each apartment comes with its own outdoor space/balcony and is fully kitted out to a generous specification, with fitted kitchens and bathrooms, parking and bike storage as well as a 10 year NHBC guarantee.
Ideal for single people, couples and families, the homes at Pearmain House are perfectly located, offering a quiet, verdant suburban retreat in an established residential area with access to plenty of local green space and leisure amenities as well as offering excellent connections to central London from Rayners Lane via the Piccadilly and Metropolitan lines.
Through Shared Ownership, home buyers can part-buy, part-rent to make buying more affordable – buying up to 75% of the value of the home depending on what they can afford ( usually with savings and a mortgage) and paying a subsidised rent and a service charge to the housing provider on the remainder. The combined monthly cost is typically around 20% less than buying the same home outright or renting it privately. Better still, because it is only necessary to pay a deposit on the share bought, Shared Ownership reduces the amount required to put down as a deposit, making home ownership more affordable both at the outset and in the longer term.
Shared Ownership is aimed at first time buyers, and those home owners whose current home no longer meets their needs, who cannot afford a suitable home, and are prepared to sell up to move into a Shared Ownership that does meet their household requirement. Shared Ownership home owners can ‘staircase’ (increase the share they own) when they can afford to, to the point where they own their home outright.
How much does it cost?
Prices start from £77,000 for a 35% share, putting the prospect of home ownership within the reach of many more potential home buyers, reducing monthly housing costs to just over £725 per month (based on a 25-year mortgage with an interest rate of 4.54%) for a new one bedroom apartment through Shared Ownership as compared to an average over £960 for those buying a new one bedroom home for outright sale in HA2.
Fiona Hopkins, Sales Manager for Metropolitan said:
“The new homes at Pearmain House offer both a great place to live in Harrow and excellent affordability, we’re delighted to be launching this autumn to Harrow residents and workers who will have priority to buy; helping people to stay close to their friends, family and workplace.”
The one and two bedroom apartments at Pearmain house are available to those who live or work in Harrow. First time buyers and those who have sold/ are selling a home due to a relationship breakdown or because it no longer meets household needs and who can’t afford a suitable home on the open market are eligible.
Priority goes to housing association and Council tenants in Harrow, qualifying Ministry of Defence personnel, those with a high priority on the Harrow housing waiting list, key workers ( such as Teachers, Police, Fire Service and NHS staff), those living or working in Harrow and then all others.
For more information or to arrange a viewing, visit www.pearmain.house , call 020 3535 2555 or email firstname.lastname@example.org
*Affordability calculated on latest valuations ( July 2014) which are subject to change, interest rates assumed at 4.54% (typical of a mid-range Shared Ownership mortgage rate at the time of writing). Average new build monthly cost sourced from Hometrack’s Housing Intelligence System.
Media contact: Hugh McCafferty, Communications and Media Relations Assistant, Metropolitan, 020 3535 5401 or email email@example.com
Notes to editors:
- Housing association Metropolitan manages over 38,000 affordable homes for rent and sale in the UK.
- Metropolitan’s home ownership team was established in 1981 to provide affordable homes for sale in London, the Home Counties and East Midlands. Metropolitan has since helped over 42,000 people meet their home ownership needs.
- Metropolitan has a large investment programme in London, the Home counties and the Midlands.
- Metropolitan has developed Homematch, the marketing and sales agency for Local Authorities and other developers of low cost home ownership who want to benefit from cost efficient consultancy from the intermediate housing market experts.
- Metropolitan’s home ownership service has won the National Housing Award for Customer Service Excellence in 2012 and 2013
- Visit Metropolitan’s home ownership service online at www.mho.co.uk
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