The Welsh Government’s Help to Buy scheme is helping many people purchase new builds in the area. From first time buyers, to those already with property, you may be eligible for the help to buy scheme North Wales that will enable you to acquire new property in North Wales.
The Help to Buy scheme is perfect for those that are able to repay mortgage payments, but may be struggling for their initial deposit on their first or next property. This loan assistance scheme is open to all buyers but will normally be most applicable to those who are constrained to do so.
How does it work?
The Help to Buy scheme in Wales enables you to buy a new property that is funded by your deposit, repayment mortgage and a shared equity loan from the Welsh Government of up to 20% of the purchase price. This stands as long as you can provide a minimum of 5% deposit on the purchase of your new home. You can then secure a mortgage of up to 75% to cover the remaining balance.
There is no interest payable on your home for five years following the purchase. Only after this period has passed will you be paying 1.75% the market value of your shared equity loan at the time you made the purchase. The loan is repayable over a 25 year time frame, or on the sale of your property (depending on which one comes earlier).
In practice
- The help to buy Wales scheme offers shared equity loans that are available to both first-time buyers and home movers, usable on houses up to the value of £300,000.
- Those using the help to buy to purchase the property will be unable to sub-let their home.
- Those using the help to buy Wales will need to secure a mortgage to cover the remaining balance.
Blue Bay Homes have launched a brand new development of new builds located in North Wales that allow buyers to get their hands on luxury apartments with superb views. The views from the homes are truly enviable, with the glistening coastline and views over mountains hugely desirable. It is a true bonus that these are available on the Help to Buy Wales scheme.
