What is Help to Buy – Wales?
Help to Buy – Wales is a government-backed scheme designed to help existing homeowners or first-time buyers buy a new build home with just a 5% deposit.
From April 2023 until September 2026, Help to Buy – Wales is available on new-build houses with an EPC rating of B or higher and a purchase price of no more than £300,000.
How does it work?
Help to Buy Wales provides an equity loan from the Welsh government.
If you’re eligible, you can borrow up to 20% of the property’s market value to top up your deposit and reduce your mortgage costs. And it’s interest-free for the first five years!
You must be able to fund up to 80% of your selected property through a combination of a conventional repayment mortgage and a minimum cash deposit of 5% of the purchase price.
Can I apply?
To benefit from the Help to Buy – Wales scheme, you must:
• purchase an eligible home in Wales with a maximum price of £300,000 from an approved builder
• be able to pay at least 5% of the property’s value
• secure a first-charge mortgage with a qualifying lender to cover the remaining 75%
• not sublet any part of the house you’re buying
• not use the scheme to purchase a second home
• not rent your existing home
Who is Eligible for the First Homes Scheme?
The First Homes Scheme* is designed for first-time buyers who haven't previously owned a property. If you're purchasing your home with someone else, both of you must be first-time buyers.
In addition to being a first-time buyer, you'll need to meet specific income criteria. Your combined annual household income should not exceed £80,000 (£90,000 in Greater London). The property you choose must be your main residence, and not a buy-to-let investment.
A purchaser of a First Home should have a mortgage or home purchase plan (if required to comply with Islamic law) to fund a minimum of 50% of the discounted purchase price
Please also note, each local authority will have its own eligibility criteria.
So, if you fit into these categories, your dream of owning a home could be closer than you think. Get in touch with the team at Miller Homes today to start your homeownership journey today.
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Help to Buy Wales is available on selected developments and plots only and is subject to eligibility criteria. From 1st April 2023 until September 2026, Help to Buy Wales is only available on homes with a minimum EPC rating B and a maximum purchase price of £300,000. You must be able to fund at least 80% of the property price through a combination of a repayment mortgage and a minimum deposit of 5% of the purchase price. You must take out a first charge repayment mortgage with a qualifying lender. You must not set-let any part of the house you are buying through the scheme and you must not be renting your existing home and buying a 2nd home through the scheme. YOUR HOME MAY BE REPOSSOSED IF YOU DO NOT KEEP UP WITH REPAYMENTS ON YOUR MORTGAGE.