37 The Glen, Figham Gate, Beverley, East Riding of Yorkshire, HU17 0RB

Brand new flat available!

Flat 3 | The Glen | Figham Gate, Beverley

This brand new flat is situated in Figham Gate, Beverley. The property features a brand new fully fitted kitchen, spacious living room ,a modern bathroom and spacious bedroom.

This flat is on the first floor boasting a communal garden and parking.

This property is on the Shared Equity Scheme

This is where the purchaser owns their home on Day one but they only pay for part of the equity initially. 60% equity is purchased on Day one. It is a usually a freehold purchase. Please note apartments are leasehold.

The purchaser would fund the initial equity amount by way of a deposit and mortgage. The remaining equity is held by Hellens Residential as a second charge for a time period (this is usually repayable on the 10th anniversary after purchase of the initial equity). Full market value £148,750.

The equity loaned to the purchaser by Hellens Residential is then redeemed at end of the second charge period or when they sell the property (the earlier of the two events). The amount repayable to Hellens Residential is interest free and fixed at the initial purchase price. The equity loan needs to repaid in one lump sum.

With Shared Equity when it comes to resale there are no affordable home restrictions on the title. The seller would put their property on the market at full market value. From the sales proceeds received they would first repay their mortgage, second Hellens Residential and any remaining funds they would retain.