Help to Buy Wales

New builds are sturdy, well-built homes with a builder’s guarantee still attached. They’re often in prime locations, well-connected to transport links and built in cherry-picked areas perfect for commuters, families and retirees alike.

That’s where the Help to Buy Wales scheme comes in – to cut down on high deposits and mortgage pressures and get you into your brand-new home a lot sooner than planned.

Become a homeownerwith just a 5% deposit*

The Help to Buy Wales scheme is a government-backed program designed to help you purchase a new build home. It does this by partnering up with homebuilders such as Anwyl to reduce the deposit you’ll be paying on your house. You’ll also be provided with an Equity Mortgage and 25 years to repay it, easing the burden of loans you owe to the bank.

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How Does Help to Buy Wales Work?

The Help to Buy Wales scheme is a two-pronged approach to reducing the initial purchase price of your home. If you’re eligible for the scheme, there are two core benefits you can expect to receive:

A 5% deposit rate: The standard deposit rate for houses in Wales is 15%. On a £300,000 home, that amounts to £45,000! The Help to Buy Wales scheme reduces this deposit rate to 5%, saving you £30,000 out of that £45,000.

A 20% Equity Mortgage: Up to 20% of the purchase price of your home will be converted to an Equity Mortgage.

75% Mortgage: Take out a repayment mortgage for the remaining 75% of the property value

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Who Can Use the Help to Buy Wales Scheme?

Whether you’re moving to Wales as an existing homeowner or a first-time buyer, you stand to benefit from one of the best schemes in the UK. Like all home buying schemes, however, Help to Buy Wales has limitations. You’ll need to meet a few criteria if you want to take advantage of the scheme.

Only certain homes: Your new home must be valued at under £300,000 and must be listed under the Help to Buy Wales scheme. To make a new build eligible, the government partners up with builders like Anwyl to offer a wide range of houses across the country.

Financial stability: Like any house purchase, you’ll need to prove that you can pay back your loans. You’ll need the full 5% deposit ready to go, and your monthly household income must be enough to cover repayments on at least 80% of the price.

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Help to Buy Wales for Existing Homeowners

A one-home household: As an existing homeowner, renting out your current property and using Help to Buy Wales to purchase a second home is not permitted. You’ll need to sell your old house and buy a new one under the program to be eligible.

No subletting: The terms of your Equity Mortgage don’t allow subletting. The home is meant to be purchased for a single household, and you won’t be accepted for the scheme if you plan to rent a room out to a third party.

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New homes in North Wales

Parc Aberkinsey

Dyserth Road, Rhyl, LL18 4DU

Croes Atti

A548 Chester Road, Oakenholt CH6 5WN

Summers Bridge

Welsh Road, Deeside, CH5 2FN

FAQs

The scheme is open to first-time buyers and existing homeowners.
You can pay more than 5%, reducing the size of your mortgage.
No. The scheme is only available if you’re buying a brand-new home from a registered builder (like Anwyl).
You need to fully repay your loan within 25 years. You can pay it off whenever you like before that time.
Yes. Your home will be 100% owned by you.
Whether you’re taking the plunge and buying your first ever home or climbing the property ladder into a sparkling new build, a deposit may well be the most money you’ll ever spend in one go. Being able to limit that to 5% can help ease you into homeownership far more gently than a traditional purchase will.
Lower initial costs: It takes years to save up a reasonable deposit. Years of saving aren’t feasible for everyone, especially if you need to move for work or have a growing family! The Help to Buy Wales reduces the initial price of buying your home, letting you spread out those costs across multiple repayments.

Lower mortgage loans: The purpose of the equity mortgage is to cut down on your mortgage loan by up to 20%. That means that your debt to the bank will be lower than it would be if you purchase your home without the scheme.

Budget-friendly: New builds are pricey, but owning a brand-new home can save you a lot of money on maintenance. By making brand new homes budget-friendly for first-time buyers and homeowners alike, you’ll benefit from a warranty period of up to 8 years, saving you from unexpected repair costs.
Before you apply for the Help to Buy Wales scheme, it’s important to get advice from a professional. Our Home Advisers are available to talk you through the scheme and propose alternatives depending on what’s best for you.

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*For further details, please visit our Terms & Conditions page

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From independent financial advice to stress-free move-in schemes, we’re here to make your dream home a reality. Speak to our Homes Advisers today to get started.

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