The Help to Buy scheme for a further two years to March 2025, the Welsh Government has announced.
The current phase of the Help To Buy Wales scheme will close for applications at the end of March 2023, with a new version of the scheme with a higher price cap set to be introduced in April which will be available to applications until March 2025.
The new phase of the scheme, which helps first-time buyers get a property, will be introduced with a new price cap of £300,000 from April 2023, in line with the increases in average house prices in Wales.
The scheme has supported thousands of people in Wales since its launch at the start of 2014, delivering more than 13,400 homes.
Help to Buy Wales provides a shared equity loan to buyers of new-build homes. As it stands, you must provide a 5% deposit, in return the scheme provides a shared equity loan of up to 20% of the purchase price and then you must take out a repayment mortgage to cover the remaining cost.
As well as supporting potential new home-owners, the Help To Buy Scheme is part of the Welsh Government's goal to improve the energy efficiency of properties. All homes purchased with the support of the scheme will need to reach a minimum of Energy Performance Certificate (EPC) B.
To find out more about the Help To Buy scheme please contact your local branch today
