Welcome for £290million home ownership investment
A £290 million investment to assist more people to buy their home has been applauded by the area’s leading homebuilder.
The launch of the second phase of Help to Buy – Wales was announced this week by Minister for Communities & Tackling Poverty, Lesley Griffiths AM.
This latest phase of Help to Buy-Wales will see an investment of up to £290 million to support the construction of more than 6,000 additional new homes in Wales by 2021.
The shared equity loan scheme is expected to provide a significant boost to Wales’ building industry and make home ownership achievable for thousands more families and individuals.
As with the current scheme, launched last year, this phase of Help to Buy - Wales will continue to provide shared equity loans of up to 20% of the price of a new build property up to the value of £300,000.
This equates to a maximum loan of up to £60,000 interest free for five years and at below-market rates thereafter.
It means that first time buyers and existing home owners will be able to purchase a new-build home up to a value of £300,000 with as little as a 5% deposit.
The first anniversary of the scheme saw the completion of the 1000th home supported by the initiative.
“This is great news not just for the construction industry but for thousands of people who desperately want to get on the housing ladder,” said Beech Developments’ Managing Director, Matthew Gilmartin.
“This welcome investment will also play a vital role in helping to meet the acute shortage of new homes in Wales.”
“We are particularly pleased with the announcement as all our properties on our current development qualify for the Help to buy Wales - scheme.”
For more information about Help to Buy – Wales visit www.helptobuywales.co.uk.