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Help to Buy - Wales

Help to Buy Wales is due to end. Find out how you can benefit from the scheme before April 2021:

Help to Buy Wales is due to end...

Help to Buy Wales allows both existing homeowners and first time buyers the opportunity to purchase a property for just 5% deposit, with an additional Government-backed loan of up to 20%, interest free for five years*.

To use the existing scheme, you will need to reserve your home before 31st March 2021, and legally complete on your home before the end of December 2021.

We’re here to help you use this scheme before it ends, and with great incentives now available across our developments, now is the time to reserve.

What is Help to Buy?

What is Help to Buy?

Help to Buy is backed by the Government and until April 2021, is available to both first-time buyers and existing homeowners. Designed to help people move on to, or up the property ladder, the initiative is available on new build properties with a maximum value of £300,000 in Wales.

The Help to Buy scheme differs depending on where you live – there are regional variations for London, Scotland and Wales.

How does it work?

With a Help to Buy Wales equity loan, you can purchase your newly-built home with just a 5% deposit.

As part of the scheme, the government lends you up to 20% of the cost of your home, meaning that you’ll only need a 75% mortgage to make up the rest.

For the first five years, the government’s share of the loan is completely interest-free. You must repay the Help to Buy loan after 25 years, or earlier if you sell your home, repaying the same percentage of the proceeds of the sale of your home (i.e. if you received 20% on purchase, then you must pay 20% of the proceeds of the future sale).

New applications to the current Help to Buy Wales scheme must be submitted by the end of March 2021, and you will need to legally complete on your new home by the end of December 2021.

You own 100%
of your home
Help to Buy diagram
1

Find and reserve your Bellway home

2

Apply for your mortgage with Help to Buy

3

Receive your mortgage offer

4

Move into your brand new Bellway home

Who’s eligible?

Who is eligible?

Help to Buy Wales is currently open to everybody looking to buy a new-build home as their only residence. Access to the current scheme is due to end 31st March 2021.

Find my home

Top FAQs about
Help to Buy

Are there any restrictions under the scheme?
A.

The property you purchase using Help to Buy must be your only home and you must live in it.

You cannot use Help to Buy in conjunction with part exchange on an existing home.

If you already own a home you will have to sell it before using Help to Buy.

Any mortgage used in conjunction with Help to Buy must be a repayment mortgage (not an interest-only mortgage).

You must seek permission to extend, or alter the property purchased using Help to Buy.

Can I buy any home using Help to Buy?
A.

The scheme is only available to new build homes, and price caps do apply. In Wales, the scheme is available on new build homes priced up to £300,000.

How much deposit do I need?
A.

You need a 5% deposit.

How much can I borrow using Help to Buy?
A.

In Wales, you can borrow up to 20% of the cost of the home, with a maximum property price of £300,000.

Is the equity loan interest-free?
A.

Help to buy is interest-free for the first five years, however, there is a management fee of £1 per month until the loan is repaid. After five years interest will apply – currently 1.75% in year six, then 1.75% and any increase in the Retail Prices Index (RPI) plus 1% each subsequent year.

When do I have to repay the loan?
A.

When using the Help to Buy Wales scheme, the shared equity loan needs to be repaid within 25 years, or if earlier, when you sell your home. However, you are able pay off the shared equity loan at any point within that period.

Can I repay the loan early?
A.

You can pay back all, or part, of the loan at any time, with a minimum of 10% of the prevailing market value of your home.

Can I buy any home using Help to Buy?
A.

The scheme is only available to new build homes, and price caps do apply. In Wales, the scheme is available on new build homes priced up to £300,000.

The Help to Buy scheme works slightly differently depending on your location.
Make sure to get the right information.

More than a home builder

All you need when it comes to finding your new home

You may have received an email via Rightmove dated 26th June 2020 that indicated that the Help to Buy Wales scheme would only be available to first time buyers after April 2021. At the time of broadcast this was incorrect, Help to Buy Wales currently ends 31st March 2021 for all purchasers and no announcement has been made by the Welsh Government as to any possible extension of the scheme beyond that date.

*YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT. Help to Buy is subject to the Help to Buy Wales Ltd (HtBW) terms and conditions and is available on new build homes up to £300,000 to customers where the property represents their only residence. Not available on second, additional homes, buy-to-let or let-to-buy properties. HtBW eligibility check required. The equity loan is interest free for the first five years. up to a maximum of 20% of the purchase price is available. After five years. an annual fee of 1.75% of the outstanding equity loan is charged. This is increased annually by RPI plus 1%. The equity loan must be repaid after 25 years, or earlier if you sell your home. A monthly management fee of £1 is payable by the equity loan borrower by direct debit, from the start of the loan until it is repaid. The management fee and interest fees are not capital repayments to the equity loan and do not reduce the amount owing. Help to Buy (Wales) Limited is authorised and regulated by the Financial Conduct Authority and may be subject to change. Please visit www.helptobuywales.co.uk for further information. Help to Buy cannot be used in conjunction with other schemes. Information correct at time of publish. Help to Buy (Wales) is due to end on 31st March 2021 based on current Government guidance.