A SCHEME making it easier for first-time buyers to get on the housing ladder is being relaunched by Vale of Glamorgan Council and local housing associations.

Aspire2Own is a shared equity scheme, which allows first-time buyers to jointly fund the purchase of their new home alongside the council and housing associations. The buyer purchases a 70 per cent share in the property, and as the value of their home increases, so does the value of their share.

This means that those looking to raise a deposit for their home will need less money to do so, and will have a smaller mortgage than they would buying a home under traditional means.

Those buying under the scheme can then purchase the property outright at a later date, if they choose to.

The scheme 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.

Thirty-two-year-old Danielle Lewis recently purchased her first home at St. Lythan’s Park under the scheme.

Ms Lewis 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."

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 709433, or E-mail aspire2own@valeofglamorgan.gov.uk.