Help 2 Own
Help2Own is a low cost home ownership scheme, which enables people currently priced out of the housing market to own a home of their own.
Help2Own LogoHelp2Own is administered by Torfaen’s Housing Strategy Team and has been developed in conjunction with Melin Homes and Fairlake Properties. It is based on the principle of equity share and helps first time buyers into home ownership.
The subsidy is not a loan that needs to be repaid and there is no rent payable. It simply means the Housing Association owns an equity share (usually 30%) in the home. When the purchaser decides to sell the home on, the Housing Association gets back its equity share and recycles it, to ensure it is available to the next household eligible on the register to buy the home.
There are two options:
New build properties
Designated new build properties on the private market are made available to eligible people via a Housing Association at a discounted rate, which means that a potential purchaser only needs to contribute a certain percentage of the total sale cost (normally around 65 - 70%).
Older properties/DIY Route
Torfaen County Borough Council has recently been successful in securing Welsh Assembly Government funding to assist with the DIY open market route of the scheme. Please note that this funding is only available for this financial year and is unlikely to be repeated next year. The funding that we have received will hopefully assist 16 applicants to purchase a home. The funding will mean that the applicant will typically have to raise a mortgage for 70% of the open market value of the property. We are currently asking all those who are already registered with the scheme to express an interest in this option. If you are registered and would like further information regarding this funding route or would like to join the Help 2 Own scheme then please contact Michelle Williams on 01495 742631.
People purchasing a property through the Help2Own scheme are the legal owners of the property and are responsible for making their mortgage repayments and for the other costs associated with the maintenance of a property.
For more information about Help2Own contact the Housing Strategy Team on 01495 742629.