Help to Buy Wales

From the time a buyer receives the shared equity loan they will be charged a small administration fee of £1 per month.

Then, in the 6th year, they’ll be charged interest of 1.75% per annum of the original shared equity loan amount. After this, the interest will increase every year. This increase is worked out by using the Retail Prices Index plus 1%.

Help to Buy – Wales is open to all homebuyers looking to purchase a property in Wales who:

• are buying a new-build property up to the value of £300,000
• have a minimum 5% personal deposit
• can afford the repayments on a 75% loan to value repayment mortgage
• are buying their only property for personal residence and are not planning to sub-let

Help to Buy – Wales is subject to certain terms and conditions and affordability criteria as defined by the Welsh Government.

Full details can be found at www.helptobuywales.co.uk.

1. You will need to find a property with a builder who is registered with the Help to Buy – Wales scheme
2. Submit an application to Help to Buy (Wales) Ltd
3. Help to Buy (Wales) Ltd will check your eligibility for the scheme and whether you could afford the repayments on a repayment mortgage.
4. If you are eligible and pass the affordability criteria, Help to Buy (Wales) Ltd will send you, your solicitor and the builder approval.
5. You will then need to submit a full mortgage application to a registered lender.
6. If your application results in a mortgage offer from the lender then you’re nearly there. Contracts can be exchanged, funds transferred and the sale is complete.