Under Wigan Council’s Discounted Homes Scheme, properties are sold at a given percentage discount rate to their full market value, and are kept affordable in perpetuity.
The percentage discount available varies, but is usually between 20% to 50% of the property’s full market value.
Purchasers will be required to put down a minimum deposit of 5% of the full value, and afford the rest of the discounted price through a mortgage.
Unlike shared ownership, there is no rent to pay on the discounted portion, and you own the property outright. The discount is secured as covenant or charge on the property.
Full property price (100%)
|5% Deposit||65% Mortgage||30% discount|
It is important to know that properties purchased under the Discounted Homes Scheme will always remain affordable homes. This means that initially, the scheme is available for certain plots on new developments across the borough. After the initial discounted sale, any resale must also be made subject to the same percentage discount on the new market price, and to an eligible purchaser qualified by Wigan Council.
Purchasers are not able to ‘buy out’ the discounted portion of the home.
For example, for a Discounted Home subject to a 30% discount:
- Full market price - £100,000
- Discounted price - £70,000
- New full market price - £120,000
- Discounted price - £84,000 (30% discount from market price at time of resale)
Upon each resale, the property must be sold at the appropriate discounted price, sellers cannot accept higher or lower offers.
Who can apply
To be eligible for the scheme, you must satisfy one of the following conditions:
- Live - You currently live in the borough and have done so for at least the last 6 months, or, you have lived in the borough for at least three of the last five years
- Work - You currently work in the borough or have taken up an offer of employment within the borough
- Family - You have an immediate family member who lives in the borough and has done for at least the last 6 months
- Armed Forces - You are a former member of the armed forces who is returning to Wigan Borough upon discharge.
You must also pass our initial financial assessment, based on your household income, the full market value of the property being purchased, and the discounted amount, to assess that you need the assistance to buy the property, and that the scheme will be affordable for you.
If you are approved for the Discounted Homes Scheme an independent financial advisor must also assess your finances to make sure it is affordable for you to access the scheme.
Please note, stamp duty and service charges are applicable. You should discuss all associated costs with the Sales Team on each individual development as they will vary from scheme to scheme.
To see what homes are available please visit the Properties Available to Buy page.
If you find a property that meets your needs, we advise you to visit the property in the first instance to confirm your choice.
After you submit your application form, please email email@example.com as soon as possible with your supporting evidence and documentation for each applicant, which should include:
- Photo ID, e.g. passport or driving licence
- Your last 3 months’ payslips, or equivalent, e.g. 13 weeks’ payslips. Or, if you’re self-employed, your past two years’ tax returns or certified accounts
- Evidence of other income
- Evidence of your local connection.
What homes are available?
Our list of homes to buy tells you which homes are available with an equity loan through our scheme.