As London continues to evolve, new developments like Eldridge House in Feltham offer exciting opportunities for prospective homeowners. Nestled in North Feltham, this brand-new development provides an ideal blend of modern living and convenience. Eldridge House is available under both the Shared Ownership scheme and private ownership, making it accessible to a wide range of buyers.
An Ideal Location
Eldridge House is superbly positioned, offering excellent transport links and amenities. Situated within walking distance of Feltham mainline train station and Hatton Park underground station, residents can easily access central London and beyond. For those who enjoy the outdoors, Hounslow Heath is less than two miles away, providing approximately 200 acres of public open space—a perfect spot for weekend walks or family outings. Additionally, Heathrow Airport is conveniently located just five miles from the development, making international travel straightforward for residents.
Affordable Homeownership: The Shared Ownership Scheme
One of the standout features of Eldridge House is its availability under the Shared Ownership scheme. This initiative allows first-time buyers and those who do not currently own a home to purchase a share in the property, with the option to increase ownership over time—a process known as ‘staircasing.’ At Eldridge House, you can buy a minimum 25% share of the property, starting from £90,000, with the opportunity to purchase up to 100% as your financial situation allows.
The scheme works by combining a mortgage on the purchased share with rent paid to a housing association on the remaining portion. This combined cost is typically less than what you would pay for an outright purchase of a similar property, making it a viable option for many. For example, the minimum deposit required is £4,500, with monthly rent from £619 and a service charge starting at £201.
In addition to Shared Ownership, Eldridge House also offers the option for private ownership, with prices starting from £399,000. This option allows buyers to fully own the property from the outset, providing complete ownership and independence.
Modern Living at Its Best
Eldridge House offers a range of features designed for modern living. The second-floor apartments feature an open-plan lounge, kitchen, and dining area, creating a spacious and versatile living space. This area opens onto a private balcony, perfect for enjoying a morning coffee or evening relaxation. The apartments also include two bedrooms and a well-appointed family bathroom.
Additional amenities at Eldridge House include central heating, double glazing, and access to a large communal garden. On-street and resident parking options are available, adding convenience for those with vehicles. These features, combined with the development’s excellent location, make Eldridge House an attractive option for those looking to settle in London.
Eligibility and Application Process
To be eligible for the Shared Ownership scheme at Eldridge House, prospective buyers must meet specific criteria:
- Residency and Employment: Applicants must live and/or work in the London Borough of Hounslow.
- Income: The combined annual household income should not exceed £90,000.
- Deposit: A minimum deposit of 5% of the share value is required.
- Property Ownership: Applicants should not own another property or have their name on the deeds or a mortgage for a property worldwide. The property purchased under the scheme must be the applicant’s only residence.
- Residency Status: Applicants must be permanent UK residents or have an indefinite right to remain.
The Path to Full Homeownership
One of the significant advantages of the Shared Ownership scheme is the potential for staircasing. This process allows homeowners to purchase additional shares of their property over time, increasing their equity. Eventually, it is possible to own 100% of the property, at which point the rent portion ceases, and the homeowner has full ownership.
A Smart Investment in London Living
Eldridge House represents a unique opportunity for affordable homeownership in one of London’s well-connected and vibrant areas. With its modern apartments, convenient location, and the flexibility offered by the Shared Ownership scheme, it provides an ideal solution for those looking to invest in their future and secure a foothold in the London property market.
For anyone interested in exploring this opportunity further, a visit to Eldridge House is highly recommended. It offers a glimpse into a lifestyle that combines comfort, convenience, and the potential for full homeownership—a rare find in today’s property market. Whether you’re a first-time buyer or someone looking to move closer to the city, Eldridge House could be the perfect new home for you.
