Housing Options - Assisted Home Ownership Schemes
If you are working and can get a mortgage, but you cannot afford a suitable property on the open market, assisted home ownership may be for you.
These schemes help first time buyers to get on the property ladder and generally work on a shared equity basis, which means that although you own the property you only have to raise a mortgage for a percentage of the purchase price (usually 70 percent).
Some schemes may operate on a shared ownership basis, where you part buy a property and pay rent for the remaining part.
Please note - if you are a Council or Housing Association tenant you may wish to consider the Right to Buy or Right to Acquire schemes.
The Welsh Assembly Government's Homebuy scheme can help people who are unable to meet their housing needs in the market to buy a suitable home.
Both Cantref and Mid Wales HA operate the Homebuy scheme whereby an applicant funds 50-70% of the purchase price of a property and the housing association pays the remainder with a Homebuy grant.
The grant is, in effect, an interest free loan but when the property is sold the same percentage is repaid to the housing association - it could be more or less than the original amount.
The funding for Homebuy is very limited and there is a big demand for the Homebuy scheme resulting in opportunities being snapped up very quickly as they are developed. Housing associations can only help very limited numbers of applicants, if you are interested in these types of schemes it would still be beneficial to register your interest with a provider.
For further information, please click here.
Local Authority Mortgage Scheme
Help for first time buyers