What is Help to Buy – Wales?
The Help to Buy Wales scheme means first time buyers and existing homeowners in Wales can buy a new home with just 5% deposit and a shared equity loan of up to 20% of the cost of a new build home. Help to Buy – Wales is available on all Castle Homes properties in Wales up to a purchase price of £300,000. Currently running until March 2025.
Deposit: minimum is 5%**
You need as little as 5% deposit to buy a new home with Help to Buy, making it easier to buy a new home
** You can add in much higher deposit should you have access to this
Government Loan: 20%
The Government will provide an interest free* Help to Buy Wales: equity loan of up to 20% of the value of your property
*This loan is interest-free for the first five years. From year six you will be required to pay an interest fee 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%.
Mortgage: 75%
You’ll need to obtain a 75% repayment mortgage to buy your Help to Buy home in Wales
Repayment:
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. In addition it is also possible to repay part of the equity loan subject to certain limits and criteria.