Welsh Government looks to lenders and builders to sign up to NewBuy Cymru
MORTGAGE lenders and homebuilders have been encouraged to sign up to deliver a new scheme which will support the purchase of up to 3,000 new build homes up to value of £250,000.
Housing Regeneration and Heritage Minister Huw Lewis was today due to give a keynote address at the Millennium Stadium in Cardiff on the benefits of NewBuy Cymru which will be available to all buyers in Wales, subject to fulfilling lending criteria.
The Welsh Government and house builders will act as guarantors so buyers can secure high loan-to-value mortgages otherwise not available to them. Buyers will contribute a 5 per cent deposit.
Mr Lewis said: "We are all more than aware that we are working in very difficult economic times which are having a significant negative impact on all aspects of the housing market.
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"But we mustn't let these difficulties stop us doing what we can to help the housing system work more effectively.
"Nor should it stop us being ambitious."
Home Builders Federation chief executive Stewart Baseley said NewBuy Cymru will help frustrated first time buyers currently unable to buy a home.