Mortgage scheme to help buyers launched
A NEW scheme to help first-time buyers step onto the property ladder — or people move up it — will be rolled out next spring.
Announced today, the mortgage guarantee scheme will run for three and a half years in partnership with house builders.
It will be available to people in areas of "housing pressure" and first-time buyers across Wales.
It will support the purchase of 3,000 new-build homes up to the value of £250,000.
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The Welsh Government and house builders will act as guarantors so buyers can secure high loan to value mortgages, which would not usually be available to them.
A five per cent deposit will be required.
Backed with £27 million Welsh Government funding, it is estimated it could boost the housing market by £500 million.
Housing Regeneration and Heritage Minister, Huw Lewis said: "This innovative scheme is excellent news for potential house buyers, the housing industry and the wider economy."