Low Cost Home Ownership / Intermediate Rental Initiatives

Low Cost Home Ownership / Intermediate Rental Initiatives

What is affordable housing?


Anglesey is a beautiful island and this is reflected in high house prices which are often unaffordable for local people, particularly in the rural areas.  Anglesey County Council is committed to increasing the availability of affordable housing and has developed a number of initiatives to help local people who currently cannot afford to buy on the open market but may not be eligible for social rented properties




Home Ownership Initiatives


  • Shared Equity:  eg Homebuy where you own a percentage of your property and the un-owned share is held by a housing assocation or by the Council.  No rent is payable on the un-owned share.  
  • Shared Ownership:  similar to shared equity but you pay rent on the un-owned share
  • Intermediate Rent:  a weekly rent not exceeding 80% of the local market level with an opportunity for you to buy later.
  • Empty Homes: a grant, loan or other incentive available on properties empty for over 6 months in areas of housing need.
  • Self build plots:  sold at below market value to eligible applicants.  Selfbuilders are responsible for the design and build of their home and all costs involved.  


Eligibility  


To be eligible for home purchase schemes generally you must:


  • Have lived or worked on Anglesey for at least 5 years or have a proven need to live close to relatives to receive care or to provide care
  • Show that you are unable to afford to buy a home on the open market
  • Be able to get a mortgage and have some deposit
  • Be able to meet the long term commitment of home ownership

Access to the schemes is through the Tai Teg register. 


Tai Teg


Tai Teg is a register of people interested in home ownership but who cannot currently afford to buy outright on the open market. Registering on Tai Teg is essential if you wish to be considered for assisted home ownership schemes and the date of registration is considered when identifying people for the schemes or properties that become available, so register without delay.



Register on Tai Teg


For on-line registration visit the Tai Teg website at www.taiteg.org.uk or download a form from the Downloads page.   Alternatively you can request a registration form by contacting Tai Teg on 08456 015605.  The registration form is quick and easy to complete and a full financial assessment is only undertaken when an applicant is being considered for a home purchase scheme or property.  


The Tai Teg website also contains useful information on eligibility, an explanation of the different types of schemes and properties that are available or will be available in the future – creating a link between those looking for a home and the opportunities available.  


Tai Teg is an initiative between the Isle of Anglesey County Council, Gwynedd Council and its partners in the housing industry including housing associations, estate agents and developers.