Are you looking to buy your own home but aren't currently able to do so?
If you are working and can get a mortgage but cannot afford a suitable property on the open market then Wales & West Housing may be able to assist you.
What is a Homebuy Scheme?
This scheme operates on a 'Shared Equity' basis with a 70/30 split. This means that you would pay 70% of the property value with the remaining 30% of the equity being retained by Wales & West Housing as a legal charge on the property.
You will need to demonstrate that you are able to raise 70% of the value by way of a mortgage but cannot afford to buy without this assistance. A deposit of between 5% and 15% would normally be required by most mortgage companies.
When will the 30% be paid back?
Through the Shared Equity scheme the 30% equity will be paid back to Wales & West Housing at current market value when you sell the property.
What are the costs of buying under the Homebuy Scheme?
Buying a property through the Homebuy Scheme you will incur the usual costs involved with buying a property on the open market, such as valuation fees, mortgage and survey fees, solicitor's fees, land registry fees and stamp duty.