The Help to Buy scheme may have ended in England, but anyone seeking to purchase a home in Wales can still take advantage of the government-backed scheme.
How does it work?
Only available on new-build homes, Help to Buy – Wales enables buyers to purchase a home with just a 5% deposit, while the government will provide a 20% shared equity loan. This means that a buyer would only need a 75% mortgage to make up the rest of the purchase.
The government’s share of the loan is interest-free for the first five years, however, it must be paid back in full within 25 years – or earlier if you decide to sell your home.
Who can purchase with Help to Buy – Wales?
This scheme is only available to buyers looking to purchase a new-build home as their only residence, which means that if you already own a home, you will have to sell the property before you can use Help to Buy – Wales.
You can only purchase a home through the scheme from a participating homebuilder, such as Bellway. Browse our applicable developments here.
How long is the scheme available?
As of 1st April 2023, Help to Buy – Wales will be extended through to 31st March 2025, which means that potential homeowners have another two years before the scheme closes to new applicants. This extension also comes with an increased price cap on the property purchased, allowing buyers to purchase a home with a value of up to £300,000 (which is up from the £250,000 that is in place until April 1st, 2023).
Are there any restrictions?
There are several conditions for buyers to consider before deciding to use Help to Buy – Wales, including the price cap and single-property ownership. Additionally, the home you are looking to purchase must also have an EPC rating of B or above.
Visit our website for further information on the scheme.