“We’ve been able to move out much sooner than we first expected as we built up equity in the property.”
Local first-time buyer Emily and her partner were struggling to find a house they could afford to buy. Then they found a two-bedroom house in Barry Waterfront which they were able to buy as part of the Low Cost Home Ownership (LCHO) scheme.
Emily lived locally and was able to secure a mortgage on her single salary which meant she qualified for the Aspire2Own LCHO scheme, run by the Vale of Glamorgan Council and Wales & West Housing Group. The scheme enables First Time Buyers to purchase 100% of a home for 70% of the market value, with no rent or interest to pay on the shared equity.
Now, as their family has grown, Emily and her partner have sold back through the scheme opening the door to buying a bigger family home.
Emily shares her experience:
“When we first started house hunting in 2020, my partner was a student, so we couldn’t apply for a mortgage together. We didn’t have enough for a deposit and all the houses we were looking at seemed too expensive.
After some delays caused by the pandemic, the couple moved into their new home in July 2020.
“Beth from Wales & West Housing was very helpful throughout the purchase and kept us informed.”
Now, as their family has grown with the birth of their first child, and with the opportunity to buy her mum’s property, Emily and her family have moved up the property ladder.
“We’ve been able to move out much sooner than we first expected as we built up equity in the property. When my mum’s property came up, we felt this was a good next step for us.”
One of the benefits of LCHO is that when homeowners are ready to move on they can sell back through the scheme, helping another first-time buyer to step onto the property ladder.
Emily says “The sale was very easy and quick. I love that someone else now gets to benefit from the scheme.”
Emily’s advice to first time buyers?
“Go for it! And be quick. Due to the way the 70/30 split works and with there being no rent to pay on the 30%, it’s a no-brainer if you want something more affordable.”
“I recommend the scheme to anyone who’s a first-time buyer. It was the best thing I ever did.”
Wales & West Housing offer a range of well presented two and three-bedroom homes. LCHO allows those who qualify to buy homes for a lower price than on the private market – making home ownership an easier and more affordable option.
To find out more about Low Cost Home Ownership schemes and how we help people take their first step onto the property ladder visit: https://www.wwha.co.uk/en/find-a-home/buy/
