This is the last chance for residents in Conwy County Borough to use the Government’s Homebuy scheme to buy a home.
Homebuy helps people to buy the home of their own choice on the open market for a price they can afford. Conwy residents have one final chance to access this funding before it runs out in March 2011.
Homebuy is designed to provide people with financial support by way of a loan to cover up to 50% of the purchase price of the property with no monthly interest or rent. The remainder of the purchase price is the responsibility of the purchaser, in most cases through a mortgage. The loan is repaid upon sale of the property or before if the homeowner wishes to do so.
Conwy County Borough Council secured the funding in partnership with Cymdeithas Tai Clwyd, who administer the scheme on behalf of the Authority. Homebuy funding will also help to provide affordable homes for the future as all money paid back by homeowners will be re-invested to deliver further affordable housing for Conwy.
Cllr Goronwy Edwards, Conwy’s Cabinet Member for Communities said, “To date, the scheme has helped people to buy thirty-four properties, ranging from one bedroom flats to four bedroom houses. This valuable assistance has made home ownership a reality to people who may have previously felt it to be out of their reach.”
Gwenan Jones, Senior Affordable Homes Officer at Cymdeithas Tai Clwyd said. “The Homebuy scheme is an affordable way for applicants who cannot afford to purchase a suitable property for their needs on the open market, to get their foot on the property ladder, the scheme is easy to understand and there are no hidden fees or charges”.
One successful applicant said, “We’re currently renting from a housing association and live in a two bedroom flat on the third floor. We were delighted to be offered help to buy our own property through Homebuy and we’re really looking forward to completing the purchase in the next couple of weeks, without this funding we would never have been able to get on the property ladder.”
If you are looking for a new home, but cannot secure a large enough mortgage or deposit to get the property you need, in the place you want to live, then Homebuy could be the final piece of the jigsaw to get you there. Applicants are assessed to determine their eligibility for the scheme and if successful and upon agreeing a mortgage they can afford, can find a property on the open market.
For more information phone 0345 230 3140 or click here.
