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MAGNA

10 – One and Two-bed apartments for sale under shared ownership at

MAGNA Harrison Drive Cambridge

Magna’s proximity to the city centre, easy access to the train station and wealth of amenities that the city has to offer, make this an outstanding location in which to call home; whether you’re looking for city living or the perfect place from which to commute. Properties for sale in Cambridge of this calibre in such an outstanding location are rarely available.

Designed to exacting standards by award winning house builder Hill, these outstanding apartments benefit from wonderfully spacious and light interiors; each one offering a balcony or winter garden, many offering views of the landscaped gardens. Prices for a 30% share start at £103,500 for 1 bed apartment and £142,500 for a 2 bed apartment, two of which have on plot parking.

 

Site Plan

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Click on the Specification and Price list image for a larger view.

           Specification and Price List

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Please click here to see the MAGNA leaflet

Shared ownership could make your dream of homeownership an affordable reality! If you can’t afford to buy a property outright then take a look at our shared ownership homes and see how it could work for you – you may be pleasantly surprised. You only have to buy a share in one of our homes that is affordable to you, meaning that you can get into home ownership in manageable stages.

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* Based on a 25 year repayment mortgage; interest rate 6% and 10% deposit. Please note mortgage rates vary,

Examples of household incomes needed to buy at:

£350,000 and you would like to buy a 30% for £105,000. The typical income needed is calculation assuming the following:

  • Mortgage interest rate is 5%over a 25-year mortgage period.
  • Monthly service charge at £72.22per month.
  • Rent is at 75%of the unsold equity (70% in this example).
  • You have a 5% deposit of £5,250 for the 30% share.

We then input all of this into an income calculator provided by the Homes and Communities Agency setting a debt to net income ratio of 45%. Using the example above, your monthly outgoings consisting of mortgage, rent and service charge would be £1,189.

Your total gross household income would have to be a minimum of £42,500 and net income £31,940 for you to be able to afford a 30% share of a Shared Ownership property using the example shown.

REMEMBER YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED AGAINST IT.

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