A housing scheme helping first time buyers across Wales has been welcomed by Wrexham Assembly Member Lesley Griffiths.
The Welsh Government has launched Help to Buy – Wales, a £170m shared equity loan scheme designed to support home ownership, stimulate building activity and provide a welcome boost to the housing sector.
Starting in the New Year, buyers can apply for an initial interest-free loan of between 10% and 20% of the property value, providing a certain set of criteria is attained. The property in question must be a new build from a builder registered with the scheme, the property purchase price cannot exceed £300,000 and the buyer must contribute a 5% deposit and pass an affordability assessment to ensure they are able to meet their future financial obligations.
The investment will support the purchase of around 5,000 new homes in Wales during the next two and half years.
Builders who wish to participate can register with the scheme in preparation for the first shared equity loans to be made available to buyers from January 2 2014.
Wrexham AM Griffiths said:
“The current global economic crisis hit the building sector hard but the launch of Help to Buy – Wales is a welcome boost that will undoubtedly increase the supply of housing across the nation.”
“The scheme will enable many more people onto the property ladder and also create valuable job opportunities in the construction industry.”
