Tai Teg – Affordable housing
We work with Tai Teg to offer affordable housing schemes.
Different types of schemes
There are 7 different types of schemes:
- intermediate Rent
- shared Equity
- discounted 106 Properties
- shared Ownership
- rent to Own
- bridging Loan
You need to register with Tai Teg to be on the register to have one of these homes.
It’s free to register. Applications will be considered in order of registration date.
Do you qualify?
To be on Tai Teg’s register you must meet these criteria:
- Age – Be over 18 years old
- Money – Must earn between £16,00 – £45,000 every year
- Income – Only tax credit will be considered. Benefits will not be considered as income
- Work – Must be working part-time or full-time. You will have to prove that you have money coming in to run the property
- Affordable – You can’t afford to rent on the open market and/ or buy a home that suits you
- Accommodation – You are a first-time buyer, or your current home is unsuitable
- Local Connection – You need a local connection with the area e.g live, work or a family connection
- Exemption – Service Personnel. We consider applications even if the income is ‘zero’.
Intermediate Rent Scheme
This scheme is a good option if you can’t buy a home.
- aimed for people who are working and don’t totally rely on benefits.
- rent is based on Local Housing Allowance or 80% of the open market rent.
- a month’s rent and a month’s deposit will usually be needed.
It can help you if you can’t afford to buy a property.
- you’ll need to give 70% of your home value through a mortgage and/ or personal savings
- you will need to find a mortgage
- Grŵp Cynefin will lend you the other 30%. This can go up to 50% in some cases
- small deposit needed, just 5%
- there is no interest on the loan from Grŵp Cynefin
Full details can be found on the Welsh Government’s website.
This is usually offered on homes bought from:
- a developer
- a housing association/ local authority
- second hand homes bought in the past
You will need to meet the eligibility criteria of the Section 106.
This is a legal document. Section 106 means you need to have a local connection.
- you’ll need at least 5% deposit
- the amount of equity loan can vary, you’ll need to give
- the remaining amount through savings or a mortgage
- the equity loan will be secured against your home
no rent or interest is payable on the loan
- in some circumstances Tai Teg will not repay the loan
Discounted 106 homes
This is a scheme where a developer builds homes and sells them at a discounted price.
This price will be lower than the open market price.
- the % discount will be agreed during the planning process
- you will need to meet the 106 eligibility criteria, for example, local connection
- you will need a 20% deposit
This is a scheme where you can buy part of your home and rent the other part.
- you can buy a share that’s between 35% and 75% of the value of your home
- you’ll need a mortgage for the share you’ve bought
- you can increase your share in the home at any time
- you’ll be responsible for taking care and maintaining your home, even if you pay part of the rent
Further information can be found the Welsh Government’s website.
Rent to Own
This scheme allows you to buy the home you rent and save for a mortgage deposit.
This is great if you want to buy a house but don’t have enough for a deposit.
- you’ll rent your home to start with
- you’ll get 25% of the rent you’ve paid back to use as a deposit
- if your home will increase in value during the time you’ve rented, you can use 50% of this towards your deposit
- rent to own schemes last 5 years
- you can apply to buy your home at any time between the end of the second year ann the end of your agreement
More information on the Welsh Governments website.
Self Build Plot S106
This is a scheme where the local council or landowner have plots of land to build affordable homes.
- you must meet the eligibility criteria
- you’ll pay for all designing and building costs
The Council can give you a bridging loan to build your home to an acceptable standard, so it can be mortgaged.