Shared Ownership

Scheme

  • Applicant can buy a % of the home and pay rent on the remaining %.
  • You can buy an initial % that will be between 25% and 75% of the value of the property.
  • A minimum deposit of 5%, subject to the requirements of the mortgage lender.
  • You need a combination of mortgage and/or savings to fund the equity share % that you are buying.
  • You can increase your share in the property at any time up to the % noted on the lease.
  • The leaseholder will be responsible for maintaining the property even if you pay a % of rent.
  • The lease will outline your responsibility for the property.
  • For further information on the scheme please click on the link Shared Ownership – Wales | GOV.WALES

Eligibility Criteria

  • Be over 18 years of age.
  • Gross household Income must be between £16,000 - £60,000. See Income tab.
  • You will have to gain access to a mortgage or have sufficient savings and unable to purchase on the open market.
  • Local Connection - you will have to have at least 12 months of local connection to the area you choose to live in to be on the register e.g. living, working or close family contact :- Parents, grandparents, siblings, adult children. Each property will have their own local connection eligiblity criteria and this will be noted on the property advert.
  • Be unable to afford to buy a property suitable for your family size on the open market or through any other home ownership initiative.
  • You must be able to show the Tai Teg either that you are not adequately housed or that you can no longer afford to occupy your current home. e.g be unable to afford to buy a property suitable for your family size on the open market or through any other home ownership initiative. You must sell your current home before you can be considered for a property through Tai Teg. As part of the process a copy of your completion statement will be required from your solicitor.
  • Be British or an EU/EEA citizen, or have indefinite leave to remain.