Help to Buy - Wales
With Help to Buy – Wales, first time buyers and existing homeowners can step onto or move up the property ladder with just a 5% deposit.
If you’re thinking of buying your first home or looking for a fresh start, this scheme puts buying a brand new home within reach.
With Help to Buy – Wales, first time buyers and existing homeowners can step onto or move up the property ladder with just a 5% deposit.
If you’re thinking of buying your first home or looking for a fresh start, this scheme puts buying a brand new home within reach.
What is Help to Buy – Wales?
Help to Buy – Wales is a scheme that makes it easier for first time buyers and existing homeowners to purchase a new home. With just a 5% deposit, you can access a shared equity loan of up to 20%, helping to make your dream home more affordable.
How does Help to Buy – Wales work?
Here’s a simple breakdown of how the scheme can help you buy a new home.
- You only need a 5% deposit
- The Welsh Government lends you up to 20% of the value of the property
- The loan is interest-free for five years
- You need to secure a 75% mortgage
- Available on homes up to the value of £300,000
5% deposit + 20% equity loan + 75% mortgage = 100% home ownership.
How to apply for Help to Buy – Wales
With Help to Buy – Wales, getting the keys to your brand new home is more achievable than you might think. Here’s how the process works in five simple steps:
1. Save up your deposit
The first step is to start saving for your 5% deposit.
2. Find your new home
Start looking for your new home in Wales up to the value of £300,000. See Charles Church developments near you.
3. Apply for your 20% shared equity loan
Next, it’s time to apply for your 20% equity loan through the Help to Buy – Wales website. You’ll need to submit your application and receive approval before proceeding with your mortgage.
4. Apply for your 75% mortgage
With your deposit and equity loan in place, you’ll need to arrange a mortgage for the remaining 75%. If you’d like independent financial advice, get in touch – we can provide a list of recommended independent financial advisers who can assist you every step of the way.
5. Complete the purchase of your new home
Once your mortgage is approved and all agreements are in place, you'll finalize the purchase of your new home. Once everything is in place, it’s time for the exciting part –moving in! Explore our developments and find the home that’s waiting for you.
Where is the Help to Buy scheme available?
The Help to Buy – Wales scheme is available across all Charles Church developments in Wales on homes up to £300,000.
What is the shared equity loan?
The Welsh Government provides an equity loan up to 20% of the full purchase price of the property. The loan is interest-free for the first five years. From year six, you’ll pay interest of 1.75% of the amount of your equity loan, rising each year after that by the increase (if any) in the Retail Prices Index (RPI) plus 1%.
What are the repayment terms of equity loans under the Help to Buy – Wales scheme?
You can repay the equity loan any time within the first 25 years (or the term of the mortgage), or when you sell the property. It’s also possible to repay part of the equity loan subject to certain limits and criteria.
Are equity loans under the Help to Buy – Wales scheme available on pre-owned homes?
No, this scheme is only available on new build homes like ours.
Can I use the Help to Buy – Wales scheme if I already own a home?
Yes, this scheme is available to both first time buyers and existing homeowners.
Is the Help to Buy – Wales scheme a good idea for a first time buyer?
Yes, this scheme is a great way for first time buyers to make getting on the property ladder more affordable. Explore our range of handy advice for first time buyers.
Are equity loans under the Help to Buy – Wales scheme available under a buy-to-let option?
No, this scheme is only available to those using the property as their main residence.
What types of mortgages are available with equity loans under the Help to Buy – Wales scheme?
You must arrange a repayment mortgage.
Where can I get independent financial advice?
We can put you in touch with a list of recommended independent financial advisers who can assist you every step of the way. Contact us today.
Ready to find your dream home?
If you think the Help to Buy – Wales scheme is the right move for you, the next stage is finding the right property. Whether it’s your first step on the property ladder or a fresh start, we’re here to help you find the perfect place to call home.