Low Cost Home Ownership
Low Cost Home Ownership (LCHO) refers to schemes designed to make home ownership more affordable for people who might otherwise be priced out of the housing market. These schemes provide high-quality housing and are typically aimed at first-time buyers. To qualify, applicants need to have a local connection to the area and meet specific income criteria. In some cases, a more specific 'Rural Connection' will be applied. If so, it will be clearly stated on the advert.
How to Register Your Interest in Buying a Property through LCHO
To register your interest, ensure you’ve selected ‘Buy a property’ or ‘Buy and Rent a property’ during registration. If unsure, contact the Homesearch team at LCHO@monmouthshirehousing.co.uk to verify your application.
How Does It Work?
Shared Equity & Homebuy Schemes: You don’t pay rent towards the Housing Association’s share. Repay the equity at sale and give the Housing Association first refusal to offer it as an LCHO property.
Shared Ownership Schemes: You may need to pay rent on the part you don’t own. Consider this for affordability.
Advertisements: LCHO adverts clearly state the scheme type and minimum purchase percentage. Registered Social Landlords (RSLs) in Monmouthshire advertise properties through the Homesearch website.
MHA Homebuy
Pobl Living
Melin Homes Low Cost Schemes
For more information on schemes that are available throughout Wales or to find out what scheme suits you, please click on Your Home in Wales.
Who is Eligible?
Eligible households typically include:
- Those who can’t afford to buy on the open market.
- Those who can afford the equity amount required.
- Those meeting the eligibility criteria.
- Those not adequately housed (e.g., do not own a property).
- Those with debt repayments below 15% of household income.
- Those with a minimum deposit of 5% (note: many lenders require higher deposits).
- Other criteria apply; proofs required after bidding.
Seek independent financial advice for LCHO mortgages and purchases.
How to Place a Bid on an LCHO Advert
Social landlords in Monmouthshire advertise LCHO homes for at least 8 days on the Homesearch website. Use the choice-based system to place a bid and express interest. Check the website weekly to avoid missing adverts. Sign up for property email alerts to stay informed.
Keep an eye out for this symbol 
What Happens After Placing a Bid?
You’ll be contacted by the social landlord or their sales estate agent to submit supporting evidence by a strict deadline. Upload documentation proof to your Homesearch account by the deadline.
Required evidence includes:
- Mortgage in principle offer.
- Identification.
- Proof of income & employment.
- Bank statements.
- Savings/gifts for your deposit.
How Are LCHO Properties Offered?
Applicants who bid and submit evidence by the deadline are prioritised. Preference is given to:
- Households with a local connection to Monmouthshire.
- Households with a specific rural community connection (if applicable).
- Households needing all bedrooms in the advertised home.
- Date of registration on the LCHO waiting list.
- A financial assessment, including a credit check, may be part of the process.
Did you know?
You can generally increase your ownership share up to 100% later. Check the advertised scheme details for more information and any restrictions.
King's Wood Gate, Monmouth