Vale of Glamorgan Council and four local housing associations including United Welsh have launched a campaign to promote the low cost home ownership options available to first-time buyers trying to get on the property ladder.
Aspire2Own was created by the Vale of Glamorgan Council and its partners in recognition that first time buyers can often find it difficult to get onto the first step of the property ladder.
With an Aspire2Own shared equity scheme, first-time buyers can purchase a new home for less than the market value – so they don't need to raise such a big mortgage or deposit.
The buyer owns their new home outright and as the value of their home increases, so does the value of their share.
Thirty-two-year-old Danielle Lewis recently purchased her first home in Picca Close at St. Lythan’s Park with housing association United Welsh in partnership with the council through the Aspire2Own scheme.
Danielle said: “Aspire2Own has enabled me to finally get a step on the property ladder, which is something I only dreamed of. Now I can gain some independence and move out of my parents’ home, which they are as happy as me about!
“Everyone was extremely helpful throughout the process and with this being my first property purchase it felt overwhelming at times, so I really appreciated all the information I was given.
“I would recommend this scheme to any first-time buyer who wants to own a home. With rent prices forever increasing, this is a great opportunity to actually have something that you can call your own.”
The campaign for Aspire2Own will include advertising with Bro Radio and local media, as well as social media promotion.
Cllr Andrew Parker, Vale of Glamorgan Council Cabinet Member for Housing and Building Services, said: “House prices have risen beyond the reach of many would-be first-time buyers so the Vale of Glamorgan Council is delighted to help deliver this scheme with our partners to help more people get on the property ladder.
“Buying a property on a shared-equity basis makes it more affordable, while this scheme allows those participating to eventually gain total ownership of their home without paying any rent or interest on the portion they don’t own in the meantime.”
Last year, United Welsh, Hafod, Newydd and Wales and West Housing signed a partnership agreement with Vale of Glamorgan Council to deliver more affordable homes for the area and ensure the process is as effective as possible.
For more information about Aspire2Own and joining the register, call the team and quote ‘Aspire2Own’on 01446 709 433 or email firstname.lastname@example.org