The Help to Buy – Wales scheme launches today, 2 January 2014, and Principality Building Society has confirmed it will be participating in the shared equity scheme.
Mortgages will be available from Wales’ largest building society to home buyers purchasing a new-build property who meet the Help to Buy – Wales scheme criteria. It is open to first-time buyers and home movers, buying their residence in Wales up to a maximum value of £300,000.
The Welsh shared equity scheme will be open to borrowers with a deposit of at least 5 per cent. The lender loans up to 75 per cent and the Welsh government contributes a loan of between 10 per cent to 20 per cent of the purchase price.
Graeme Yorston, Principality group chief executive, said: “We are pleased to announce that from January, Principality will be accepting mortgage applications for the Help to Buy equity loan scheme in Wales, as part of efforts to help the housing market move forward.
“Last year, we launched a new 95 per cent loan-to-value (LTV) mortgage product to support first-time buyers onto the property ladder and encourage homeowners to move up the property ladder, with a deposit of just 5 per cent as well as other schemes that we have launched to encourage house building in Wales.
“The Help to Buy – Wales scheme is another useful addition to a range of measures to help ensure that potential buyers can access funding to help them buy their home in Wales.”
Help to Buy – Wales mortgages are only available from Principality Building Society through its broker channel.
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