Am I eligible to apply?
Tai Teg is for the residents of Anglesey and Gwynedd who are interested in intermidate rent or buying a home locally.
The definitions of ‘local’ and ‘need’ are as follows:
Households that have a 5 year connection either through residency, family or work to the County where they want to live. For more information please refer to the Counties Supplementary Planning Guidance document – see useful links under contact heading.
Households whose incomes are insufficient to allow them to buy a suitable home for their needs on the open market. For more information please refer to the Counties Supplementary Planning Guidance document – see useful links under contact heading.
Eligibility can be summarised as follows:Am I:
- a local person?
- unable to buy a home on the open market?
- Is your household income above £16,000 ? if No please contact the Housing Options Team in your County for Advice. Details noted below.
- able to pay a deposit of at least 5% (shared equaity) or 20% (new builds) ?
- able to afford to pay rent whilst intending to buy in the future?
How much can I afford?
- It is important that all applicants obtain independent financial advice.
- Most mortgage assessments are based on 3.5 x income for single person application and 3 x income for joint application but savings, individual circumstances and liabilities are also taken into account.
- Mortgage lenders determine the percentage of deposit required and the interest rate.
- Generally a higher deposit may means lower interest rates are charged.
- The additional costs of buying a home should also be considered.
- Your home is at risk if you do not keep up your payments on a mortgage.
- A new build property is being sold on the open market – terrace house for £120,000
- A 30% discount is on the property to make it affordable £84,000
- You will require a 20% deposit on the new build £16,800
- You would require a mortgage of £67,200
If you have no savings to contribute you may want to consider contacting the Housing Options Team within your Local Authority to discuss renting opportunities.
- Anglesey County Council: – 01248 751850 firstname.lastname@example.org
- Gwynedd Council 01286 685100 email@example.com
If you have answered ‘Yes’ to the above, please register your interest by completing the Tai Teg Registration form.