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Free support from Welsh Government for people wanting to get on housing ladder

By South Wales Evening Post  |  Posted: February 16, 2013

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PEOPLE wanting to get on the housing ladder are being offered support from a new Welsh Government Scheme.

NewBuy Cymru will see the Welsh Government and house builders act as guarantors so that buyers can secure high loan-to-value mortgages that would not otherwise be available to them. Buyers will contribute a 5 per cent deposit.

The three-year programme is being run in partnership with house builders and lenders, and will be available to all buyers in Wales. It will support the purchase of up to 3,000 new build homes up to a value of £250,000.

A Welsh Government spokesman said: "Plans for NewBuy Cymru were announced in November 2012. Since then, work has been underway to develop the detail of the initiative. The scheme, which the Welsh Government is supporting, could help generate sales of housing of up to £500 million within a three-year period."

The scheme is being developed in conjunction with the Home Builders Federation and the Council of Mortgages.

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