This scheme is operated by Wales & West Housing in partnership with the local authority to assist first time buyers* who want to get onto the property ladder but cannot meet the full cost of buying their first home.

Homes under the schemes are offered to buyers at 70% of the open market value. You would own the property outright but Wales & West Housing would hold a legal charge on the remaining 30% equity share. You would only need to raise a mortgage/deposit for the 70% and no interest or rent would be payable on the 30% equity share.

Successful applicants will need to demonstrate by way of a mortgage in principal that they are able to finance 70% of the property value. A deposit of between 5% and 15% would still normally be required by mortgage companies.

Buying a property through the scheme will still incur the normal costs associated with buying a property on the open market including valuation, mortgage and survey fees, legal fees and stamp duty.

To be eligible for the LCHO scheme applicants must:

• be over 18 years of age
• be a UK or EU / EEA passport holder or have ‘Indefinite Leave to Remain’ stamped in their passport
• be a first time buyer*
• able to meet the long term financial commitment of home ownership
• not exceed the maximum household income; £35,000 for a single applicant or £45,000 for a joint applicant

*A first time buyer for this scheme is viewed as a person/s that have never owned a property (mortgaged or un-mortgaged) before, never jointly or part owned a property, or never had a name on a mortgage or title deeds. Consideration however will be given, on a case by case basis, to applicants who are first time buyers in their own right, where a property may previously have been owned jointly, but is now sold, for example as a result of a divorce.

The 30% equity share will need to be paid back to Wales & West Housing at the market rate at the time the property is sold. This can mean you may need to pay back more than the original 30% if the property value has increased, or less if the property value has decreased.

As part of the scheme the properties will be offered to eligible purchasers for 70% of market value.

For example, if the property is valued at £100,000, the purchaser will need to obtain a mortgage for £70,000 and Wales & West Housing will retain the 30% value of £30,000.

When you wish to sell your property you must firstly contact Wales & West who retain the right to purchase the property back.

If Wales & West choose not to exercise this option then working in partnership with the local councils to find a buyer for the property. In the Vale of Glamorgan, we are able to utilize their waiting list for Low Cost Home Ownership via the Aspire2Own initiative.

Timescales for this process will be set out in your legal documentation. If there are no suitable purchasers identified for the property within the timescales then you will be free to sell your property unrestricted on the open market. We will need to agree the market value prior to sale taking place.

The retained equity share, being the 30% of the property value, will need to be re-paid to Wales & West at the point of sale.

Who qualifies for this low cost home ownership scheme? To be eligible for the scheme applicants must:

be over 18 years of age
be a UK or EU / EEA passport holder or have ‘Indefinite Leave to Remain’ stamped in their passport
be a first time buyer*
able to meet the long term financial commitment of home ownership
not exceed the maximum household income; £35,000 for a single applicant or £45,000 for a joint applicant

*A first time buyer for this scheme is viewed as a person/s that have never owned a property mortgaged or un-mortgaged) before, never jointly or part owned a property, or never had a name on a mortgage or title deeds. Consideration however will be given, on a case by case basis, to applicants who are first time buyers in their own right, where a property may previously have been owned jointly, but is now sold, for example as a result of a divorce.

Please note these properties will be sold to applicants who will firstly qualify and secondly those who successfully receive a mortgage offer and are in a position to complete the purchase.

Buying a property under the scheme will involve having to pay all the normal costs associated with purchasing a property on the open market, including:

• valuation / survey fees
• solicitor fees
• land registry costs
• search fees
• mortgage deposit
• stamp duty

It is advisable that you have savings to cover these costs. In addition to the above one-off costs associated with purchasing a property, you will also be responsible for ongoing expenses such as:

• monthly mortgage payments
• council tax payments
• utility bills: gas, electricity, water etc.
• property maintenance and repair costs
• contents insurance
• life insurance or mortgage life insurance

It is the purchasers’ responsibility to clarify and consider all possible costs associated with buying and running a property.

There are some charges applicable for some of our Low Cost Home Ownership Schemes. This information will be provided on a scheme by scheme basis.

This scheme is operated by Wales & West Housing in partnership with the local authority to assist first time buyers* who want to get onto the property ladder but cannot meet the full cost of buying their first home.

Homes under the schemes are offered to buyers at 70% of the open market value. You would own the property outright but Wales & West Housing would hold a legal charge on the remaining 30% equity share. You would only need to raise a mortgage/deposit for the 70% and no interest or rent would be payable on the 30% equity share.

Successful applicants will need to demonstrate by way of a mortgage in principal that they are able to finance 70% of the property value. A deposit of between 5% and 15% would still normally be required by mortgage companies.

Buying a property through the scheme will still incur the normal costs associated with buying a property on the open market including valuation, mortgage and survey fees, legal fees and stamp duty.

To be eligible for the LCHO scheme applicants must:

• be over 18 years of age
• be a UK or EU / EEA passport holder or have ‘Indefinite Leave to Remain’ stamped in their passport
• be a first time buyer*
• able to meet the long term financial commitment of home ownership
• not exceed the maximum household income; £35,000 for a single applicant or £45,000 for a joint applicant

*A first time buyer for this scheme is viewed as a person/s that have never owned a property (mortgaged or un-mortgaged) before, never jointly or part owned a property, or never had a name on a mortgage or title deeds. Consideration however will be given, on a case by case basis, to applicants who are first time buyers in their own right, where a property may previously have been owned jointly, but is now sold, for example as a result of a divorce.

The 30% equity share will need to be paid back to Wales & West Housing at the market rate at the time the property is sold. This can mean you may need to pay back more than the original 30% if the property value has increased, or less if the property value has decreased.

As part of the scheme the properties will be offered to eligible purchasers for 70% of market value.

For example, if the property is valued at £100,000, the purchaser will need to obtain a mortgage for £70,000 and Wales & West Housing will retain the 30% value of £30,000.

When you wish to sell your property you must firstly contact Wales & West who retain the right to purchase the property back.

If Wales & West choose not to exercise this option then working in partnership with the local councils to find a buyer for the property. In the Vale of Glamorgan, we are able to utilize their waiting list for Low Cost Home Ownership via the Aspire2Own initiative.

Timescales for this process will be set out in your legal documentation. If there are no suitable purchasers identified for the property within the timescales then you will be free to sell your property unrestricted on the open market. We will need to agree the market value prior to sale taking place.

The retained equity share, being the 30% of the property value, will need to be re-paid to Wales & West at the point of sale.

Who qualifies for this low cost home ownership scheme? To be eligible for the scheme applicants must:

be over 18 years of age
be a UK or EU / EEA passport holder or have ‘Indefinite Leave to Remain’ stamped in their passport
be a first time buyer*
able to meet the long term financial commitment of home ownership
not exceed the maximum household income; £35,000 for a single applicant or £45,000 for a joint applicant

*A first time buyer for this scheme is viewed as a person/s that have never owned a property mortgaged or un-mortgaged) before, never jointly or part owned a property, or never had a name on a mortgage or title deeds. Consideration however will be given, on a case by case basis, to applicants who are first time buyers in their own right, where a property may previously have been owned jointly, but is now sold, for example as a result of a divorce.

Please note these properties will be sold to applicants who will firstly qualify and secondly those who successfully receive a mortgage offer and are in a position to complete the purchase.

Buying a property under the scheme will involve having to pay all the normal costs associated with purchasing a property on the open market, including:

• valuation / survey fees
• solicitor fees
• land registry costs
• search fees
• mortgage deposit
• stamp duty

It is advisable that you have savings to cover these costs. In addition to the above one-off costs associated with purchasing a property, you will also be responsible for ongoing expenses such as:

• monthly mortgage payments
• council tax payments
• utility bills: gas, electricity, water etc.
• property maintenance and repair costs
• contents insurance
• life insurance or mortgage life insurance

It is the purchasers’ responsibility to clarify and consider all possible costs associated with buying and running a property.

There are some charges applicable for some of our Low Cost Home Ownership Schemes. This information will be provided on a scheme by scheme basis.