If you are struggling to get on the housing market in West Wales then there is support available for you from the government in the form of a couple of recently re-invented initiatives.  These are the shared ownership scheme and the help to buy scheme.

They are targeted at particular people who want to get onto the housing ladder but, for whatever reason, are struggling to do so.  Let’s take them one at a time:

Shared Ownership Scheme

A shared ownership scheme allows you to buy a share of the property along with a participating landlord.  It is aimed at first time buyers who have a combined yearly income of £60,000 or below, but other people can be eligible.  For example, if you are starting again after a relationship break-up, or relocating for work purposes to an area where property prices do not allow you to buy a home suitable for your family size.

For full eligibility criteria click here.  It is a great way for someone to own part of a house and benefit from reduced rent; you will pay rent on the remaining share that the participating landlord owns.  You will need to buy an initial share of between 25% to 75% of the value of the chosen property, usually by way of a repayment mortgage, which will be on a leasehold contract.  If, down the line, you decide to buy the remaining share of your home, you will then own your home outright on a freehold basis.  For all the information on the scheme please click here.

Help to Buy Scheme

The help to buy scheme applies to new builds that are eligible for the scheme i.e. bought through a registered Help to Buy – Wales Builder, up to the price of £250,000.   The buyers must provide a 5% deposit and the government then provides a shared equity loan of up to 20% of the purchase price.  The remaining amount should be covered by a repayment mortgage.  See example below:

For a property worth £200,000	Amount	Percentage
Cash deposit	£10,000	5%
Shared equity loan	£40,000	20%
Your mortgage	£150,000	75%

For more  detailed information and eligibility check please click here to read the Welsh Government’s Help to Buy – Buyers Guide.