Help for first-time buyers

A new mortgage scheme being introduced by the Welsh Government next year aims to help potential house buyers.

Live updates

Mortgage scheme 'excellent news' for house buyers

A scheme to help people take their first step onto, or move up, the property ladder is being introduced in Wales in Spring.

The three-and-a-half-year scheme will be available to all buyers facing housing pressures.

£27m from the Welsh Government will support the purchase of up to 3,000 new-build homes up to the price of £250,000.

Buyers will not be able to claim the funding directly, instead house builders and the government will act as guarantors. Buyers will contribute a 5% deposit.

The mortgage guarantee scheme could allow an investment in housing of up to £500m within a three year period.

Huw Lewis, the Housing Minister, said the scheme was "excellent" news for potential house buyers, which would "boost house building," "create jobs" and "stimulate growth".


Back to top

Latest ITV News reports