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Cyngor Sir Ynys Môn - Isle of Anglesey County Council

Anglesey Homebuy Scheme


Background

The Anglesey Homebuy Scheme, offered by Isle of Anglesey County Council, provides financial support to people who cannot afford the full price of a home for sale on the open market without help.

The scheme is available to:

  • local first time buyers who are finding it difficult to take their first steps onto the property ladder
  • people who may have previously owned a property but are not currently a homeowner
  • existing shared equity property owners

The scheme is discretionary and subject to available funding.

How the scheme works

If you are looking to buy a home and you are not able to get enough mortgage to buy on the open market, the council may be able to help with an equity loan, which means that you could buy a home without having to fund the whole cost. The house would then be a shared equity property.

You will need to have at least 5% deposit to access the scheme.

You will have 'complete title' to your home and your name will be on the title deeds for it. The council’s equity loan is secured by means of a second legal charge on the home, after the first charged mortgage, to make sure the council’s share is protected.

If you sell the property, you will repay the council’s equity share. The council will require a valuation and will also take into consideration any improvements carried out on the property. The council instruct Tai Teg to arrange for your home to be valued by a RICS valuer and you, as the seller, will pay the valuation fee.

After getting the valuation, the council will be able to confirm the sum you will need to repay. For example, if you received a 30% equity loan then you would repay 30% of the value of the property upon sale.

An example of when the property value increases
 Original purchase and valuation price £160,000
 Your share (70%) £112,000
 The council’s equity share (30%) £48,000
 Sale price £180,000
 You receive 70% £126,000
 The council received 30% £54,000
 In this example, the value of your stake has increased from £112,000 to £126,000 
An example of when the property value decreases
 Original purchase and valuation price  £160,000
 Your share (70%)  £112,000
 The council’s equity share (30%)  £48,000
 Sale price  £150,000
 You receive 70%  £105,000
 The council received 30%  £45,000
 In this example, the value of your stake has decreased from £112,000 to £105,000 

How much help is available?

  • The maximum amount of financial assistance provided by the council will be 30% of the value of the qualifying property. This is capped at a maximum sum of £75,000 unless otherwise agreed.
  • The maximum purchase price of the property is capped at £250,000.

Eligibility

  • All prospective purchasers must be registered and approved by Tai Teg.
  • Applicants must be over 18 years of age.
  • Applicants must be in work, including self-employed.
  • Gross household income must be between £16,000 and £60,000.
  • Applicants will have to gain access to a mortgage or have sufficient savings and be unable to afford to buy a property suitable for their family size on the open market.
  • The household must be able to raise a minimum 5% deposit on the share of the home, which they will own and be able to obtain a mortgage on the share they will purchase.

Responsibilities

When you buy through the Anglesey Homebuy Scheme you have 'complete title' to your home. This means you have the same responsibilities as every other homeowner. You'll be responsible for:

  • paying your mortgage
  • home contents insurance
  • building insurance
  • repairs and maintenance
  • Council Tax
  • heating, lighting and water bills
  • fittings and furniture 

Applicant priorities

Priority 1

Applicants who have lived for 5 years or more in the community/town council area in which the property is located.

Priority 2

Applicants who have lived for 5 years or more in the community/town council areas next to the community/town council area in which the property is located.

Priority 3

Applicants who have lived or worked in Anglesey for a period of 5 years.

Legal advice

You are strongly advised to take independent financial and legal advice before agreeing to take part in the scheme.

Apply

You must register your interest with Tai Teg.

Register your interest

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