Shared equity scheme with Cardiff Council

23-Jan-2006

Aspiring homeowners in Cardiff can get onto the first rung of the property ladder by taking part in the Low Cost Home Ownership scheme.

For our first time buyers guide to buying a property click here

The initiative aims to help those with regular incomes and stable financial positions who can afford the long-term commitment of homeownership but who need help in the initial stages of the process.

Developed by Cardiff Council, it gives first time buyers access to new-build houses on specific developments in the area, reports NewsWales, allowing them to get onto the private housing ladder.

Aspiring homeowners can purchase the properties through a shared equity scheme, easing the financial burden of purchasing a first home.

To get a quote for a shared ownership mortgage click here

Under the initiative, potential buyers must contribute around 70 per cent of the asking price, using a suitable mortgage deal and personal savings, leaving 30 per cent of the equity share with the council or housing association.

Shared equity schemes are an ideal way for many first time buyers to get on the property ladder without risking their future finances and taking out a mortgage they cannot afford to repay.

To find out what you can borrow, even if you are in an adverse credit situation click here

Click here to see what properties are on the market in your area – whether you buy alone or with others

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