Help To Buy Cymru

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Help to buy Cymru

 The Help To Buy Wales scheme benefits first time buyers, and those who are already on the property ladder to purchase a new home, with just 5% of the deposit, and a repayment mortgage of up to 75% of the property value. Under the help to buy scheme, the 20% remaining is a interest free equity loan, lent by the Welsh Government. (You won’t be charged interest on the loan for the first five years.) This is available until March 2025.

What do you need to know?

  • Available on all new-build properties in Wales up to £250,000. Increasing to £300,00 in April 2023.
  • Available to all types of home buyers. There’s no household annual income limit.
  • A minimum 5% deposit.
  • The property must be your only property, and you must occupy the property.
  • The Welsh Government lends an equity loan of up to 20% of the full purchase price.
  • The equity loan is interest free for the first five years.
  • You can repay your Help to Buy – Wales equity loan at any time, when you sell your home, or you can wait until the end of its term.
  • Maximum loan size is £60,000. No minimum.
  • In the sixth year you will be charged interest of 1.75% per annum on your loan which will increase every year by the retail price index plus 1%.
  • The Equity Loan is repayable after 25 years, or on the sale of the property, whichever comes first. 
  • Only available on new build homes, like those built by Poplars Developments.

We're always happy to hear from you:

If you have any questions, or require more information about what we offer, you can send us an email at: [email protected] – or call Nick Morgan on: 07977576289

 

Help to Buy – Wales terms and conditions
The Help to Buy – Wales scheme has specific terms and conditions and is subject to affordability criteria as defined by the Welsh Government. The Help to Buy – Wales scheme is available on plots in Wales, with a full purchase price up to £250,000 (£300,000 from April 2023), subject to status, terms and conditions apply. All homes purchased using the scheme will need to reach a minimum EPC B rating. Help to Buy – Wales eligible applicants will be offered an equity loan of up to a maximum of 20% of the purchase price (based on the open market value). The registered provider will hold the second charge on the property. Applicants are required to fund at least 80% of the purchase price by means of a conventional mortgage, savings and any deposit where required. Applicants must obtain their conventional mortgage from a qualified lending institution (e.g. a bank or building society). For the first five years there is no fee charged on the equity loan component. At the start of year six a fee is collected of 1.75% of the market value of the property at the time the loan is entered into multiplied by the outstanding percentage under the equity loan, the annual fee of 1.75% will be uplifted by RPI +1% p.a. Visit: gov.wales/help-buy-wales for further information.

**Available on selected plots subject to status. Terms and conditions apply.

A professional legal adviser is required to carry out the legal formalities of buying the home and to represent your interests. Persimmon can provide you with a list of recommended solicitors and/or financial advisers as necessary. Persimmon cannot advise you on a mortgage. The Help to Buy: Equity Loan scheme is subject to availability and may be withdrawn at any time without notice. Not to be used in conjunction with any other purchase assistance scheme, offer or promotion. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE, YOUR EQUITY LOAN OR OTHER DEBT SECURED ON IT. For full details on the Help to Buy: Equity Loan scheme please visit www.helptobuy.gov.uk