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Details have been revealed about the Welsh Government's 'Help to Buy' scheme to aid first-time home buyers. The programme will provide £170 million to help people onto the property ladder.
Under the terms of the scheme, prospective buyers could apply for a loan of between 10 and 20 per cent of the value of a property, provided they can supply a five per cent deposit
Loans - which would be interest free for five years - would be available for new-build homes worth up to £300,000. It's hoped that the scheme, which begins in January, will create 5,000 new homes in Wales over two and a half years. Lynn Courtney reports.
Housing Minister Carl Sargeant announced details of the new scheme while on a visit to a housing development in Newport this morning.
The Welsh Government will provide eligible buyers with loans of up to 20 per cent of the purchase price on new build homes. The loans will apply to homes with a value of up to £300,000 built by participating home builders.
Wales' 'Help to Buy' scheme will go live from 2nd January, Housing Minister Carl Sargeant has announced.
The £170million project, backed by the Welsh Government, aims to help potential buyers with small cash deposits get on the property ladder.
It is hoped the shared equity loan scheme will also give a boost to home builders across Wales.