Mortgages will be available from Wales’ largest building society to home buyers purchasing a new-build property who meet the Help to Buy - Wales scheme criteria, including first-time buyers and home movers, purchasing their residence in Wales up to a maximum value of £300,000.
The Welsh shared equity scheme will be open to borrowers with a deposit of at least 5%, the lender loaning up to 75 % and the Welsh government contributing a loan of between 10% to 20% of the purchase price.
Graeme Yorston, Principality Group Chief Executive, said:
“We are pleased to announce that from January, Principality will be accepting mortgage applications for the Help to Buy equity loan scheme in Wales, as part of efforts to help the housing market move forward.
“We aim to help as many people in our heartland to own their own home, but we know that for many this can be merely a dream. We believe that schemes such as this will ignite the market and help people to move onto and up the housing ladder.”
This comes as a range of other schemes are being discussed around the UK to boost the housing market.
Graeme added:
“At the moment there are a number of schemes being launched into the housing market and we are supportive of schemes that help move the market forward but we feel it has to be the right scheme for the Society and for our Members.
“Last year, we launched a new 95 per cent Loan to Value mortgage product to support first-time buyers onto the property ladder and encourage homeowners to move up the property ladder, with a deposit of just 5 per cent as well as other schemes that we have launched to encourage house building in Wales.
“The Help to Buy – Wales scheme is another useful addition to a range of measures to help ensure that potential buyers can access funding to help them buy their home in Wales.”
