Welsh Government help for homebuyers unveiled

Campaign Series: Carl Sargeant AM, the Minister for Housing and Regeneration Carl Sargeant AM, the Minister for Housing and Regeneration

THE WELSH Government has announced their £170 million equivalent of England’s Help to Buy scheme for homeowners.

Help to Buy – Wales was announced by Carl Sargeant AM, the Minister for Housing and Regeneration, at Redrow Homes' Mon Bank development in Newport yesterday.

Potential homeowners will be able to apply for the first shared equity loans, up to a maximum of £300,000, from January 2 next year.

If buyers apply for a loan of between 10 per cent and 20 per cent of their property, it must be a new-build home bought from a builder registered with the scheme.

It must also be their only home.

They must also have a five per cent deposit and pass an affordability assessment before buying the house.

While the loan can be paid off at any time, buyers must have paid it back within 25 years.

All loans from the scheme, which will end on March, 31 2016, will be interest free for the first five years.

From year six onwards, interest on the loan will be charged at 1.75 per cent. This will then increase with the Retail Price Index (RPI) plus one per cent.

In England people can apply for loans of up to £600,000.

Mr Sargeant said: “This reflects the different nature of the housing market in Wales and will ensure that our support is focussed towards the people most in need of our assistance.”

All funds will be transferred to solicitors in Wales but in England loan payments are paid directly to the house builder. Mr Sargeant said the Welsh Government’s plan would reduce legal burdens on builders.

For further information, visit www.helptobuywales.co.uk.

Comments (8)

Please log in to enable comment sorting

6:12pm Mon 25 Nov 13

GardenVarietyMushroom says...

Wow, what a shock.

Can't find the money to pay for surplus bedrooms in properties inhabited by the poor and needy. Can find the money to prop up the private mortgage sector.

Who'd a thunk it?
Wow, what a shock. Can't find the money to pay for surplus bedrooms in properties inhabited by the poor and needy. Can find the money to prop up the private mortgage sector. Who'd a thunk it? GardenVarietyMushroom
  • Score: -5

6:40pm Mon 25 Nov 13

Llanmartinangel says...

GardenVarietyMushroo
m
wrote:
Wow, what a shock.

Can't find the money to pay for surplus bedrooms in properties inhabited by the poor and needy. Can find the money to prop up the private mortgage sector.

Who'd a thunk it?
God forbid we would ever help people who don't expect everything done for them eh?
[quote][p][bold]GardenVarietyMushroo m[/bold] wrote: Wow, what a shock. Can't find the money to pay for surplus bedrooms in properties inhabited by the poor and needy. Can find the money to prop up the private mortgage sector. Who'd a thunk it?[/p][/quote]God forbid we would ever help people who don't expect everything done for them eh? Llanmartinangel
  • Score: 8

6:44pm Mon 25 Nov 13

GardenVarietyMushroom says...

Llanmartinangel wrote:
GardenVarietyMushroo

m
wrote:
Wow, what a shock.

Can't find the money to pay for surplus bedrooms in properties inhabited by the poor and needy. Can find the money to prop up the private mortgage sector.

Who'd a thunk it?
God forbid we would ever help people who don't expect everything done for them eh?
On the contrary - I would say that the private mortgage sector expect everything handed to them. Need I remind you why we're all in this mess in the first place? And now the banks want more?
[quote][p][bold]Llanmartinangel[/bold] wrote: [quote][p][bold]GardenVarietyMushroo m[/bold] wrote: Wow, what a shock. Can't find the money to pay for surplus bedrooms in properties inhabited by the poor and needy. Can find the money to prop up the private mortgage sector. Who'd a thunk it?[/p][/quote]God forbid we would ever help people who don't expect everything done for them eh?[/p][/quote]On the contrary - I would say that the private mortgage sector expect everything handed to them. Need I remind you why we're all in this mess in the first place? And now the banks want more? GardenVarietyMushroom
  • Score: -4

8:00pm Mon 25 Nov 13

Stevenboy says...

GardenVarietyMushroo
m
wrote:
Llanmartinangel wrote:
GardenVarietyMushroo


m
wrote:
Wow, what a shock.

Can't find the money to pay for surplus bedrooms in properties inhabited by the poor and needy. Can find the money to prop up the private mortgage sector.

Who'd a thunk it?
God forbid we would ever help people who don't expect everything done for them eh?
On the contrary - I would say that the private mortgage sector expect everything handed to them. Need I remind you why we're all in this mess in the first place? And now the banks want more?
Somebody needs to help aspirational people who can't get on the housing ladder. At the moment, getting your own place is the preserve of people who wait for the state to do it for them in many cases. Let me put it this way, if people who can't get mortgages occupy in the private rented sector, which is their only other choice, landlords will fuel the credit market instead. And I'm sure you won't be happy with them doing ok out of it either.
[quote][p][bold]GardenVarietyMushroo m[/bold] wrote: [quote][p][bold]Llanmartinangel[/bold] wrote: [quote][p][bold]GardenVarietyMushroo m[/bold] wrote: Wow, what a shock. Can't find the money to pay for surplus bedrooms in properties inhabited by the poor and needy. Can find the money to prop up the private mortgage sector. Who'd a thunk it?[/p][/quote]God forbid we would ever help people who don't expect everything done for them eh?[/p][/quote]On the contrary - I would say that the private mortgage sector expect everything handed to them. Need I remind you why we're all in this mess in the first place? And now the banks want more?[/p][/quote]Somebody needs to help aspirational people who can't get on the housing ladder. At the moment, getting your own place is the preserve of people who wait for the state to do it for them in many cases. Let me put it this way, if people who can't get mortgages occupy in the private rented sector, which is their only other choice, landlords will fuel the credit market instead. And I'm sure you won't be happy with them doing ok out of it either. Stevenboy
  • Score: 5

8:06pm Mon 25 Nov 13

GardenVarietyMushroom says...

Stevenboy wrote:
GardenVarietyMushroo

m
wrote:
Llanmartinangel wrote:
GardenVarietyMushroo



m
wrote:
Wow, what a shock.

Can't find the money to pay for surplus bedrooms in properties inhabited by the poor and needy. Can find the money to prop up the private mortgage sector.

Who'd a thunk it?
God forbid we would ever help people who don't expect everything done for them eh?
On the contrary - I would say that the private mortgage sector expect everything handed to them. Need I remind you why we're all in this mess in the first place? And now the banks want more?
Somebody needs to help aspirational people who can't get on the housing ladder. At the moment, getting your own place is the preserve of people who wait for the state to do it for them in many cases. Let me put it this way, if people who can't get mortgages occupy in the private rented sector, which is their only other choice, landlords will fuel the credit market instead. And I'm sure you won't be happy with them doing ok out of it either.
I would reply but I don't really know what it is you're saying.
[quote][p][bold]Stevenboy[/bold] wrote: [quote][p][bold]GardenVarietyMushroo m[/bold] wrote: [quote][p][bold]Llanmartinangel[/bold] wrote: [quote][p][bold]GardenVarietyMushroo m[/bold] wrote: Wow, what a shock. Can't find the money to pay for surplus bedrooms in properties inhabited by the poor and needy. Can find the money to prop up the private mortgage sector. Who'd a thunk it?[/p][/quote]God forbid we would ever help people who don't expect everything done for them eh?[/p][/quote]On the contrary - I would say that the private mortgage sector expect everything handed to them. Need I remind you why we're all in this mess in the first place? And now the banks want more?[/p][/quote]Somebody needs to help aspirational people who can't get on the housing ladder. At the moment, getting your own place is the preserve of people who wait for the state to do it for them in many cases. Let me put it this way, if people who can't get mortgages occupy in the private rented sector, which is their only other choice, landlords will fuel the credit market instead. And I'm sure you won't be happy with them doing ok out of it either.[/p][/quote]I would reply but I don't really know what it is you're saying. GardenVarietyMushroom
  • Score: -6

9:20pm Mon 25 Nov 13

Mervyn James says...

Aspirational people would be better placed to get on the housing market, I would have thought, what are you saying ? that's London policy, but at least Londoners have got jobs to do and the wages to pay. There is no way Wales will see any housing 'bubble' like southern England, we are surrounded BY empty properties no-one can afford to buy, and no-one is building social housing any more. Combine that with no housing to downsize too, let's stop bashing the social housing tenants who are just being told to pay an tax that has nothing to do with helping others on the ladder of housing,because they cannot move, even if they wanted to. Private landlords are pricing everyone out of a home.
Aspirational people would be better placed to get on the housing market, I would have thought, what are you saying ? that's London policy, but at least Londoners have got jobs to do and the wages to pay. There is no way Wales will see any housing 'bubble' like southern England, we are surrounded BY empty properties no-one can afford to buy, and no-one is building social housing any more. Combine that with no housing to downsize too, let's stop bashing the social housing tenants who are just being told to pay an tax that has nothing to do with helping others on the ladder of housing,because they cannot move, even if they wanted to. Private landlords are pricing everyone out of a home. Mervyn James
  • Score: -4

9:49pm Mon 25 Nov 13

Llanmartinangel says...

Mervyn James wrote:
Aspirational people would be better placed to get on the housing market, I would have thought, what are you saying ? that's London policy, but at least Londoners have got jobs to do and the wages to pay. There is no way Wales will see any housing 'bubble' like southern England, we are surrounded BY empty properties no-one can afford to buy, and no-one is building social housing any more. Combine that with no housing to downsize too, let's stop bashing the social housing tenants who are just being told to pay an tax that has nothing to do with helping others on the ladder of housing,because they cannot move, even if they wanted to. Private landlords are pricing everyone out of a home.
Why are thousands of houses being built in Newport then? Whitehead site, Lysaght site, Alcan site, Llanwern site, Hurrans Site?
[quote][p][bold]Mervyn James[/bold] wrote: Aspirational people would be better placed to get on the housing market, I would have thought, what are you saying ? that's London policy, but at least Londoners have got jobs to do and the wages to pay. There is no way Wales will see any housing 'bubble' like southern England, we are surrounded BY empty properties no-one can afford to buy, and no-one is building social housing any more. Combine that with no housing to downsize too, let's stop bashing the social housing tenants who are just being told to pay an tax that has nothing to do with helping others on the ladder of housing,because they cannot move, even if they wanted to. Private landlords are pricing everyone out of a home.[/p][/quote]Why are thousands of houses being built in Newport then? Whitehead site, Lysaght site, Alcan site, Llanwern site, Hurrans Site? Llanmartinangel
  • Score: 4

8:30pm Tue 26 Nov 13

Limestonecowboy says...

Mervyn James wrote:
Aspirational people would be better placed to get on the housing market, I would have thought, what are you saying ? that's London policy, but at least Londoners have got jobs to do and the wages to pay. There is no way Wales will see any housing 'bubble' like southern England, we are surrounded BY empty properties no-one can afford to buy, and no-one is building social housing any more. Combine that with no housing to downsize too, let's stop bashing the social housing tenants who are just being told to pay an tax that has nothing to do with helping others on the ladder of housing,because they cannot move, even if they wanted to. Private landlords are pricing everyone out of a home.
What rubbish! how can private landlord price anyone out of a home if this is the case then they would never get tenants to pay the rent...durr..
[quote][p][bold]Mervyn James[/bold] wrote: Aspirational people would be better placed to get on the housing market, I would have thought, what are you saying ? that's London policy, but at least Londoners have got jobs to do and the wages to pay. There is no way Wales will see any housing 'bubble' like southern England, we are surrounded BY empty properties no-one can afford to buy, and no-one is building social housing any more. Combine that with no housing to downsize too, let's stop bashing the social housing tenants who are just being told to pay an tax that has nothing to do with helping others on the ladder of housing,because they cannot move, even if they wanted to. Private landlords are pricing everyone out of a home.[/p][/quote]What rubbish! how can private landlord price anyone out of a home if this is the case then they would never get tenants to pay the rent...durr.. Limestonecowboy
  • Score: 0

Comments are closed on this article.

click2find

About cookies

We want you to enjoy your visit to our website. That's why we use cookies to enhance your experience. By staying on our website you agree to our use of cookies. Find out more about the cookies we use.

I agree