What is the low cost home ownership scheme?

This scheme is operated by Wales & West Housing in partnership with the local authority to assist 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.

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