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Low cost home ownership scheme

Published: 19/08/2015

Flintshire County Councils low cost home ownership shared equity scheme is a fantastic opportunity for single people, couples and families to take a step onto the property ladder, enabling people currently priced out of the housing market to own a home of their own. The scheme, administered on behalf of the Council by Grwp Cynefin, is based on the principle of equity share and helps first time buyers into home ownership. The purchaser finances  70% of the value of the property, meaning a lower deposit and lower mortgage payments. The equity is not a loan that needs to be repaid and there is no rent payable. It simply means the Council has a charge secured against the property to secure the 30% equity loan. When the purchaser decides to sell the home on, they receive 70% of the sale value at the time, and the council its 30%, allowing it to recycle the funding or equity for another household. Five properties were made available for purchase under this scheme on the Persimmon development at Croes Atti in Oakenholt and the purchasers have moved into their new homes. three 2 bedroom terraced houses are still available on the adjacent Anwyl development and they will be ready in January 2016. Paul Young who recently reserved a home under the scheme on the Anwyl development at Croes Atti said: The shared equity scheme provided by Flintshire County Council through Grwp Cynefin is a brilliant scheme for a single person like myself. Without this scheme owning my own home simply wouldnt be affordable. I would recommend this scheme to anyone who is looking to afford to buy their own home. The scheme provides a lifeline for people looking to get on the property ladder. Good luck to anyone looking to use this scheme. Cllr. Helen Brown, Cabinet Member for Housing said, The scheme provides a chance for people to to buy a home at an affordable price and I would urge anybody looking for their first property to find out more about it Gwenan Jones Affordable Homes  Manager with Grwp Cynefin said, Further shared equity properties are currently available from Anwyl - Cwrt Isaf Oakenholt, David Wilson Homes - Wepre Green, Connah’s Quay Redrow - Heathlands Buckley, Bloor Homes Parc -Jasmine, Broughton and Taylor Wimpey -Alyn Meadows Hope. We were also delighted that that three of the five houses available from the Persimmon development at Croes Atti were sold to purchasers with a local connection to Oakenholt and Flint, with the remaining two purchasers having local connections to nearby communities.. To request details of the above schemes or register an interest in future developments, contact Grwp Cynefin on 0300 111 2122, Email: Website: