2 Bedroom Terraced House

Located on the sought-after Eco Way development in Plymouth, this contemporary two-bedroom home offers light, well-proportioned living space with modern finishes throughout and a layout perfect for everyday living.

The property benefits from a share of freehold, with the ownership structure providing 31% entitlement, alongside a long lease with approximately 118 years remaining, offering excellent security and peace of mind for future owners.

The ground floor comprises a welcoming hallway with a downstairs WC, leading into a modern fitted kitchen and a bright lounge/diner to the rear. French doors open directly onto a private enclosed garden, finished with a decked seating area

Upstairs, the home features two generous double bedrooms, each with fitted storage and natural light. The principal bedroom benefits from an en-suite shower room, while the second bedroom is served by a stylish family bathroom with modern tiling and a full-size bath.

Externally, the property offers off-street parking to the front and secure fencing to the rear garden. The development is well-regarded for its modern house designs, solar installations and green approach, making the area popular with first-time buyers and families alike.

Residents also enjoy excellent access to Derriford, local shops, schools, woodland walks, bus routes and the A38

Shared ownership is aimed at people who otherwise would be unable to afford to purchase a home suitable for their current housing needs. In addition, applicants must demonstrate they can afford to purchase the property and sustain ongoing housing costs. We will assess a potential purchaser’s application in line with the following guidance and, if applicable, in line with the requirements of the individual lease.

Affordability
Housing costs should total between 25% and 45% of the applicant’s net income to qualify. Housing costs are, for the purpose of this assessment, defined as mortgage, rent and service charge.
Housing costs under 25% of the applicant’s net income indicate the applicant may be able to purchase on the open market. Housing costs above 45% of the applicant’s net income indicate the purchase is not affordable / sustainable. In these situations, the application is likely to be declined, however we recognise that there will be situations which require us to be flexible, for example when the outcome of the affordability assessment is slightly outside the guidelines above, but another other factor illustrates that the purchase will be affordable, sustainable, and demonstrate the applicants require assistance with shared ownership to purchase a home.

Eligibility
Applicants would be considered eligible if they fall within the following groups
(this list is not exhaustive):
o Council tenants and housing association tenants.
o Those who can avoid the need for social tenancies, for example those
on housing waiting lists and considered by Local Authorities to be in
priority housing need.
o Those that will address housing problems in local and regional housing
markets, for example key workers and then other first-time buyers.
o We will consider applications from people who have previously owned
their own home if they:
- previously owned a home with a partner and that relationship broke
down.
- need to move into an area because of their job and are unable to
afford to buy outright.
- are shared owners whose income has fallen, and they could only stay
as homeowners by moving to a smaller, cheaper home.
- are shared owners whose family has grown but who are still unable to
afford to buy outright.
SO, Eligibility and Affordability V3 October 2023
AND the applicant must meet all the following criteria:
o In the opinion of Places for People can afford to purchase the property
and sustain ongoing housing costs.
o Have savings or access to funds that will cover the initial costs of
buying, such as mortgage product fee; legal fees; survey and valuation
fees; deposit on exchange of contract; and stamp duty.
o Be in permanent or fixed term employment.
o Aged 18 or over.
o Have a bank account.
o Have a maximum annual income of £80,000 (or, in London £90,000).

Applicants who would not be considered eligible.
The following list describes applicants who would not be considered eligible to
purchase a shared ownership property. This list is not exhaustive.
o In the opinion of Places for People has the ability to purchase a home
suitable for their current housing needs on the open market
o In the opinion of Places for People is unable to afford the purchase or
sustain ongoing housing costs for the property they have applied to
buy.
o Has unsecured debts over £15,000?
o Has a current county court judgement that is unpaid or not yet formally
‘satisfied’
o Unable to secure a mortgage through the approved lender list as
provided by the Communities and Local Government Department
o Where the property to be purchased would not be the applicant’s sole
residence
o Where there is evidence of a significant breach of a previous tenancy
condition
o If there are current rent or mortgage arrears or if there have been
arrears within six months prior to the application.
o Their immigration or asylum status would render them unable to benefit
from public funds.

Evidence of Funding
We will require information/evidence to accompany an application to
demonstrate how the purchase of the property will be funded. This will include
but is not limited to: -
o A copy of a Mortgage offer/Offer in Principle
o Evidence of Savings
o Details and evidence of any cash gifts, including from those who are
gifting monies.