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."
Comments
by dan435
Tuesday, November 13 2012, 5:44PM
“It is not helpful to encourage young people to take on high value unaffordable mortgages. If the house builders wanted to help first time buyers they could reduce prices and provide affordable houses, proper family homes not tiny one bedroom boxes, rather than maximising their profit by encouraging people into huge levels of debt.”