Help to Buy Wales
Available on new homes up to £300,000
When you purchase one of our new homes in North Wales, you will be able to utilise the Help to Buy Wales Scheme if your new home is under the value of £300,000. Help to Buy is a Government-backed initiative which aims to make purchasing your new home easier.
Not just limited to first-time buyers, Help to Buy can be used by all eligible parties to make your new home purchase in North Wales an easy, affordable process.
How does Help to Buy Wales work?
Help to Buy Wales enables buyers to purchase a new property, funded by a buyers’ deposit, a repayment mortgage and a shared equity loan from Help to Buy Wales.
For a £190,000 home at one of our developments in North Wales, you would need to have a 5% deposit (£9,500) in place. Using the Help to Buy scheme, you would then receive up to 20% (£152,000) in the form of an equity loan.
This, in turn, means you only need to secure a 75% mortgage (£142,500) to own 100% of your new home, making your purchase much more affordable!
When do I have to pay back the loan?
When you buy your new home from Macbryde Homes using Help to Buy, you will pay back the equity loan over 25 years.
Will I pay interest on the loan?
Whilst you have to pay back the Help to Buy equity loan to the Government, there is a 5-year interest-free period when you first use it.
During this time, your situation may have improved significantly, meaning when you do come to start paying back the loan, you’re in a much more stable situation than you may have been had you not used it!
There is also a nominal monthly fee to use the scheme plus a lower than normal interest rate for the remainder of the loan following the 5-year interest-free period.
Who qualifies for the scheme?
Help to Buy Wales can be used by almost anyone and is especially useful for first-time buyers who are struggling to save a deposit.
It can also be used by buyers who need to move to a larger home but are stuck because they don’t have enough equity in their existing property.
When using Help to Buy Wales, you must ensure the home you’re purchasing is a new build property in Wales up to the value of £300,000. It must also be your only property.
Who do I speak to about using Help to Buy Wales?
Help to Buy Wales is only available to house builders who have registered to offer the scheme in Wales.
Macbryde Homes have registered to offer Help to Buy Wales, so you can call us on 01745 536677 for more information.
Visit www.helptobuywales.co.uk for more information.
*Help to Buy Wales is available on all homes, with a purchase price up to £300,000, subject to status and affordability criteria, terms and conditions apply.
The Help to Buy – Wales scheme is subject to availability and may be withdrawn at any time without notice. Not to be used in conjunction with any other offer.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.