Help-to-buy extension
You may not be aware, but the Welsh government has announced that the Help-to-buy scheme has been extended from April 2023 to March 2025.
The scheme has offered shared equity loans up to 20% of the purchase price of new builds and delivered more than 13,400 homes since its launch in 2014. The Help-to-buy in England has now closed since October; however, the scheme remains in Wales.
From the 1st of April all homes sold through the scheme will need to meet a minimum of Energy Performance Certificate (EPC) B and the purchase price cap will rise from £250K to £300K.
The previous scheme criteria will remain in place still, including homes purchased through the scheme and it must be the customer's only home. Help-to-buy Wales ltd will continue to offer shared equity up to 20% of the purchase price of the home, subject to the applicant’s financial circumstances.
Applicants will still need a minimum cash deposit of 5% and must be able to raise the mortgage for the remainder of the purchase price of the property to qualify for the scheme.
The new criteria of the EPC B and the new price cap of £300k will only be applicable from the 1st of April 2023. If applicants apply for properties above £250k before 1st April 2023 then their application will be refused. Purchases prior to 1st April will also retain the requirement for legal and practical completion by 22 December 2023.
If you have any questions or concerns regarding this, one of our mortgage advisers will be more than happy to discuss this with you. You can contact us by calling us on 01633 987070.
