Homes for sale at White Castle Abergavenny and Pentwyn Torfaen
Do you live in Monmouthshire or Torfaen?
Are you looking to own your own home?
We have the following properties for sale with our low-cost home ownership scheme.
2 x three bedroom houses for sale at
- 3 bedroom mid terrace = £87,500
- 3 bedroom end terrace = £90,000
We also have 12 houses for sale at Pentwyn, Torfaen.
- 6 x 2 bedroom houses for sale at £120,000
- 6 x 3 bedroom houses for sale at £130,000
These will be available on a 70/30 basis so buyers would need a mortgage of £84,000 and £91,000 respectively.
On a shared equity basis you can buy the property by funding a percentage of the market price and Melin Homes will provide an interest free equity stake loan for the remainder.
The loan is re-paid if chose to sell your home. Unlike shared ownership schemes, you do not have to pay rent on the percentage stake held by us.
We will require employment and landlord references. Please note that you will need to provide funds to meet the associated costs of a purchase, namely:-
§ Mortgage arrangement fees
§ A deposit, as required by your Mortgage Lender, usually between 5% and 10% of the total mortgage
§ Valuation and Survey fees
§ Legal fees and Stamp Duty (where applicable)
§ other associated moving costs
How to apply
All applications will be subject to eligibility and affordability checks. There are two sets of criteria you must meet to be eligible for the scheme.
Stage 1 – Local connection
At stage 1, you must fulfil at least one of the following criteria:
§ Live in Monmouthshire or Torfaen
§ Have previously lived in the area and wish to return
§ Have family connection / support in the area
§ Currently employed in the local area
Stage 2 – Affordability
At stage 2, you must fulfil all of the following criteria:
§ Over 18 years of age
§ In permanent employment
§ Not already a home owner
§ Unable to afford full ownership
§ Able to afford a mortgage for the stake of the property price
§ Able to provide a mortgage, in principle
§ Not in serious debt on an existing loan
§ Have credit commitments totalling no more than 10% of your income
For more information please call our Homebuy Team on 01495 745928/ 01495745925 or email homes@melinhomes.co.uk