If you're an existing homeowner or first time buyer living in Wales then the Help to Buy - Wales scheme could be the solution for you.
Help to Buy - Wales allows you to buy a new build home with just a 5% deposit, making owning a stunning new Avant home easier and more affordable.
What is Help to Buy – Wales?
With Help to Buy – Wales, owning a new build home is within reach even when you have a smaller deposit.
The loan is interest free for five years making your mortgage repayments lower.
The scheme is available on homes up to the value of £300,000.
The house you buy must also be your only property and you must then occupy it after purchase is complete.
The property also needs to meet a minimum rating of EPC B, but you don’t have to worry about that, as all Avant new build homes have a rating of B or above!
How does the Help to Buy – Wales loan repayment work?
Like all shared equity loans, the money the Welsh Government give up front to help you buy your house will eventually need to be repaid.
However, the good news is the loan remains interest free for the first 5 years and you have 25 years to repay it in full. You’ll just have to pay a £1 monthly management fee once you get it.
You can also repay it by selling your home (if this comes first), but if the price of your house has increased, you will end up paying back more than you borrowed. This is because the repayment will be 20% of the price at the time of sale.
While each and every situation is different, Help to Buy – Wales offers a great opportunity to get onto the property market if you’re a first time buyer or simply move into a fresh new build home if you’re an existing homeowner.
If you have any further questions about the scheme, please get in touch with your Sales Advisor.
