A NORTH Wales housebuilder has welcomed changes to Help to Buy – Wales and the chance for more purchasers to access the Government-backed scheme.
The equity loan scheme was due to close to new applicants in September but has now been extended by the Welsh Government. Buyers now have until March 31, 2027 to apply.
Castle Green Homes, with an office in St Asaph and developments across North Wales, is among the homebuilders offering Help to Buy – Wales.
Castle Green Homes sales director Sian Pitt said: “We welcome the news that Plaid Cymru have extended Help to Buy – Wales through to next spring. The continued availability of Help to Buy – Wales will provide reassurance for would-be homeowners, support housing delivery across Wales, and help sustain jobs and investment throughout the wider construction sector.
“The scheme has already helped thousands of people purchase new homes, including those who may otherwise have struggled to afford to buy. For example, at Llys y Coed in Rhosrobin two thirds of purchasers were first time buyers and half of them used Help to Buy – Wales. Extending the scheme gives more people the opportunity to access the valuable support. The change means we’re able to offer the equity loan scheme on homes at Hawthorn Meadows in Buckley; and Gladstone Grange, Hawarden in Flintshire, and at Sŵn y Môr in Prestatyn.”
Launched in 2014, Help to Buy – Wales is a government-backed equity loan scheme, designed to make homeownership easier to afford.
It’s available exclusively on new build homes.
Typically, buyers only need a 5% deposit and 75% mortgage, with the equity loan covering the remaining 20%. This should give them access to better mortgage rates, usually reserved for those with a more substantial deposit. Crucially, the equity loan is interest free for five years and can be repaid when they have more funds available or when they resell.
The equivalent scheme in England ran from 2013 to 2023. A review of that scheme is ongoing.
“Housing is said to be one of Andy Burnham’s priorities and we’re keen to work with the Government to help address the housing shortage. The reintroduction of a Help to Buy-style scheme in England would bridge the affordability gap facing many buyers,” Sian added.
For more information about Help to Buy – Wales and eligible homes see https://www.castlegreenhomes.uk/help-to-buy-wales.
