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A brand-new home of your own for less than £88,000 thanks to Homestep

First-time buyers are being given the chance to own a brand new home of their own for less than £88,000, thanks to the Council’s innovative Homestep scheme.

Two-bedroom properties on the sought-after Dyffryn Glas development in Hawthorn are now available on a retained-equity basis for just £87,500 (market value £125,000) providing a helping hand on to the property ladder for the county borough’s residents.

Rhondda Cynon Taf Council, via Homestep, works innovatively with housing developers to ensure that a proportion of new homes built in the county borough are ring-fenced for first-time buyers who, without such schemes, would be unable to afford a home of their own.

The difficulties in securing a mortgage, as well as large and often unaffordable deposits that need to be gathered before purchasing a property, mean, for many first-time buyers, buying a home of their own is out of their reach.

By offering new-build homes on a retained equity basis, the Council is able to offer affordable homes. The amount of mortgage needed is less, making it more affordable for first-time buyers, as well as reducing the amount of deposit they have to save.

Cllr Keiron Montague, Deputy Leader of Rhondda Cynon Taf Council and Cabinet Member with responsibility for Housing, said: “Austerity continues to have a big impact on our residents and communities with getting on to the housing ladder often unfortunately seeming like an unrealistic ambition to many.

“The Homestep scheme is just one of the Council’s  innovative and effective ways in which we are supporting residents  to secure the homes we know they need and deserve.

“As well as offering brand-new, high-quality homes to first-time buyers who would be unable to afford them any other way, we are also continuing to supporting the housing market, keeping it moving while also boosting associated employment and economic benefits.

“Homestep is really easy to benefit from, simply contact our Housing team, register for the scheme and take advantage of the hugely-discounted, new-build homes on offer.”

The latest properties available are the Morden house type from Persimmon Homes, offering two bedrooms, bathroom, downstairs cloakroom and a large, open plan living, dining and cooking area.

The market value of the property is £125,000 but Homestep clients can secure them for just £87,500 on a 70 per cent retained equity basis. This means they purchase 70 per cent of the home and the Council retains the remaining 30 per cent. There is no interest or rent to be paid on the outstanding equity and no time limit on when you pay it back. You can either purchase it to own 100 per cent of the property, or repay it when you sell the house. 

All you need to do to benefit from this exclusive Homestep offer, and receive the latest news and alerts as more properties come onto the market is contact the Homestep scheme and register for free!

Find out more by visiting the Council's Housing Solutions pages and clicking on the Homestep link in the “My Housing Options” section. Alternatively, call the team on 01443 425678 or email homestep@rctcbc.gov.uk