Help To Buy Scheme to Launch in Wales

Wales will be able to benefit from the £170m Help to Buy Wales shared equity loan scheme from January 2, 2014. The Welsh government will be launching the scheme, offering eligible buyers loans of up to 20% of the purchase price on new build homes worth up to £300,000.

Wales will be able to benefit from the £170m Help to Buy Wales shared equity loan scheme from January 2, 2014.

The Welsh government will be launching the scheme, offering eligible buyers loans of up to 20% of the purchase price on new build homes worth up to £300,000. Buyers will pay a nominal monthly fee but the loan will remain interest-free for the first five years and a carry on a low interest rate thereafter. Buyers will also be able to structure the repayment plan to suit them and will be free to repay the loan at any point during its 25 year term.

Housing minister Carl Sargeant said:

“The Help to Buy – Wales scheme beginning in the New Year, will help more people get onto the property ladder and will provide much needed boost to the building industry in Wales. The investment will support the purchase of around 5,000 new homes in Wales during the next two and a half years.”

He added: ”To limit scope for confusion, the scheme in Wales matches the UK Government scheme quite closely but it has the added benefit of being easier for small home builders to access. I therefore urge all builders, large and small, to register now so that they are ready for the first loans being made available to buyers in January.”