Help to buy a new home
Our Melin Homebuy team are experts in helping people get on the property ladder.
DIY Homebuy (Torfaen only)
This option helps you to buy a property of your choice from the open market via an estate agent. The Homebuy scheme mainly helps first time buyers although they may be able to help if you are re-entering the property market.
You’ll need to be able to fund 70% of the purchase price with the other 30% being provided by Welsh Government. There’s no rent or instalments to pay on the 30% loaned; it is repaid in the future when you choose to sell.
To apply you need to register for Help2Own and once accepted onto the scheme you’ll be contacted when opportunities and funding are available. You’ll receive approval to look for a house within a fixed budget which will be based upon your affordability, the property location and your family size.
New Build Homebuy
This option helps you to buy a new build property via a low-cost home ownership (LCHO) scheme. This is provided on a shared equity basis, with the percentage equity varying based on location and property type.
You’ll need to be able to fund your equity stake with access to a mortgage and a 5% deposit. The remaining balance of the purchase price will be funded via Melin. There’s no rent or instalments to pay on the Melin loan; it is repaid in the future when you choose to sell (there are no time limits).
The Homebuy scheme mainly helps first time buyers although the team may be able to help if you are re-entering the property market.
To apply you need to register with the Local Authority (see list below) in the area where you wish to purchase. A proven local connection is required. Once accepted onto the scheme you’ll be contacted when opportunities and funding are available.
To ensure the continued supply of affordable home ownership there is a requirement that when an owner wishes to sell their Homebuy property it is offered for sale to the current waiting list. This removes the need to pay estate agency fees and offers the property at a fixed price to a waiting pool of buyers.
This method sees sellers able to move on whilst giving first time buyers the opportunity to get onto the ladder with enhanced affordability.
Contact our Melin Homebuy team
If you’re interested in any of the home ownership options (DIY, new homes and resales) please email: email@example.com or call 01495 745911.