Home Ownership

To buy a property, you must have a regular income, some savings and limited debt. This will then be used to determine how much money you can borrow to buy a home. 

Mortgages
A mortgage is the money that you borrow to buy a home. A mortgage is a loan that lasts for a fixed period called a 'term'. When you take out a mortgage you will also be charged interest on the amount you borrow. If you do not keep up the agreed repayments, the lender can take possession of the property. 

Additional costs
There are a number of additional costs you will also need to budget for when purchasing a home:

* Survey fees
* Valuation fees
* Stamp duty land tax
* Land registry fee
* Fees charged by mortgage lender or broker
* Solicitors fees
* VAT
* Removal expenses

NB: If you start the process of purchasing a property and the sale falls through, you will still be required to pay for any legal work, valuations or surveys which have taken place.

Help2Own Plus is a scheme in Torfaen which enables people to access good quality affordable housing. The scheme has been developed by Torfaen County Borough Council in partnership with local registered landlords (RSL). Help2Own Plus is intended to target people who are in employment but are struggling to find suitable accommodation on the open market.

Help2Own Plus offers two routes...New Build and DIY both are typically 30% below open market value. The 30% discount is known as an equity share, this is retained by the RSL and stays in the property. You will not have to pay any interest on the equity share, you will be the freeholder and you will pay your own mortagage and other costs associated with being a home owner.

Assisted Home Ownership - New Build Properties
You will be required to raise a mortgage for 70% of the value of the property with no rent payable.

Assisted Home Ownership - DIY
This is where applicants can seek to purchase off the open market with the assistance of Welsh Government monies (subject to annual funding). You will be required to raise a mortgage for 70% of the value of the property with no rent payable. You will be notified as and when funding is secured.

Share Ownership - New Build Properties
Also known as part buy/part rent. This product will typically offer a 50% mortgage 50% rent. Shared ownership offers a genuinely affordable option for homebuyers. Owners are able to purchase the remaining share of their home when they are able to do so. *Have we previously helped you? - If yes, but your circumstances have now changed we could help you again! Register today if you wish to buy a bigger or smaller property. Terms and conditions apply.

Renting
Priced below open market rents, our rental properties truly are attractive and affordable. Please be aware that you may need access to a deposit as well as one months rent up front - Assistance may be available.

To be eligible for becoming a homeowner with the Help2Own Plus scheme you must:

* Over 18 years old
* Able to obtain a mortgage
* Struggling to purchase on the open market

You will need some savings for the costs involved in purchasing a property, e.g. solicitor fees, removals etc. plus up to £1000 to cover administration charges.

To be eligible for renting with the Help2Own Plus scheme you must:

* Over 18 years old
* Be employed

To request a copy of the application form, please contact: 
help2own@torfaen.gov.uk