Help to Buy incentive extension to aid Welsh homeowners

The Welsh Government has announced an extension of a financial incentive for homebuyers eyeing properties under £300,000.

The second phase of Help to Buy will receive up to £290 million to support the construction of over 6,000 new Welsh homes between 2016-2021.

A spokesperson for the Welsh Government said:

“Help to Buy Wales is delivering exactly what it was set out to do, by helping first time buyers get onto the property ladder and helping families secure a decent, affordable home.”

Help to Buy includes a 20 per cent equity loan which is interest-free for five years on homes up to £300,000. This reduces the initial outlay and means customers only have to find a 5 per cent deposit and 75 per cent mortgage from a lender of choice making home ownership more achievable.

UK developer Redrow Homes have proposed a range of properties to fit that budget starting with its Buckley-based Abode venture which offers three and four bedroom homes with open-plan living spaces, underfloor heating and wet rooms.

Sales director Jason Newton, said:

“The homes still available at Abode offer first-time buyers a boost onto the property ladder as we’re throwing in additional items to make a move even easier such as integrated appliances, carpets and turf.”

The housebuilder’s  other Heathlands development is a range of two, three and four bedroom properties designed with modern living in mind with open-plan spaces and traditional architecture.

Newton explained:

“Heathlands is a fantastic development that has delivered not only much needed high quality new homes, but also extensive open space and a nature reserve for the benefit of everyone in the community. With Help to Buy available at both buyers could be pleasantly surprised at how much they can afford.”