Affordable Homes
What is Help 2 Own?
Help 2 Own is a new way to make owning a home affordable in Torfaen. The scheme is aimed at people who can access and afford a mortgage but are struggling to get a foot on the property ladder. The scheme has been developed by Torfaen Council, Melin and Fairlake Properties.
Help 2 Own properties are made available at discounted rates, typically around 30% below the market value (although the discount may vary from area to area).
The discount occurs because either when the house was originally built the developer transferred a stake in the property to a registered social landlord (RSL) or the local authority has received funding from the Welsh Assembly Government to subsidise purchases. This stake is what is known as an ‘equity share'.
The reason it is passed on to an RSL is to ensure that the discount stays with the property in the future for others to benefit.
You will not have to pay any interest or rent to the RSL, all you will have to do is pay back the equity stake, if you should decide to sell the property.
You will be the freeholder of the property; you will pay your own mortgage and other costs associated with being a home owner.
Who is the service for?
- Are you struggling to buy on the open market?
- Are you a first time buyer?
- Do you have a connection with Torfaen?
- Are you able to obtain a mortgage?
What do I do next?
For further information and to check if you are eligible please contact our Home Ownership Co-ordinator on 08453 101 102 or
Email: help2own@torfaen.gov.uk
You can also pick up an application form from the Help 2 Own Officer at Torfaen Council's Civic Centre offices in Pontypool. Tel: 01495 766200.
