Help To Buy Wales

1. Help to Buy-Wales is an initiative that provides shared equity loan assistance to home buyers from Help to Buy (Wales) Limited (HtBW) with funding provided by the Welsh Government.

2. Help to Buy-Wales will run from 2016 until 2021. The funding will aim to support the construction of over 6,000 additional new Welsh Homes, significantly boosting Wales' building industry and making home ownership achievable for thousands more families.

3. HtBW Shared Equity is only available on selected newly constructed houses and is available to all home buyers who are buying as their main place of residence (no buy to let investors or those who already own a property) up to a maximum price of £300,000.

4. Equity loans of between 10% minimum and 20% maximum of the house price are available, subject to specific criteria and require that purchasers provide a minimum of 5% of their own deposit.

5. Those looking to use the scheme will take out a mortgage of 75%. The shared equity loan will be subject to a 2nd legal charge. The mortgage will be on a repayment basis only (interest only mortgages will not be available).

6. Please check with our Sales Consultant if the particular property you are interested in is eligible for the Help to Buy-Wales scheme.

7. All purchasers wishing to use the scheme must be qualified by Just Financial Services prior to being permitted to proceed any further. Once qualified the mortgage applications forms and a HtBW property information form will be completed with Just Financial Services and forwarded to HtBW.

8. HtBW will check the details submitted on your HtBW Property Information Form and the reservation form to ensure that you are eligible for a HtBW shared equity loan and that you can afford a conventional repayment mortgage.

9. Provided you pass the affordability and eligibility check, HtBW will send you, your solicitor and the builder an 'Authority to Proceed' within four working days of receiving your fully completed HtBW Property Information Form and reservation form. They will also send instructions, which will include legal documents that will be explained to you by your solicitor.

10, Having received the 'Authority to Proceed' you instruct your solictor to act for you and inform your IFA so that a full mortgage application can be submitted. Your solicitor will check that the mortgage offer, property price, income and available funds are consistent with the 'Authority to Proceed' and requests permission to exchange contracts from HtBW. This will happen at least 5 days before the exchange date.

11. Assuming there are no issues with your paperwork, within three working days of receiving the request from your solicitor to exchange of contracts HtBW will issue an 'Authority to Exchange'. Contracts will be exchanged in preparation for completion.

12. At least 5 days before completion, your solicitor will request the shared equity loan funding from HtBW be transferred to them to hold, alongside the funds from your first charge mortgage lender, in preparation for completion. Once completion has taken place you will own the property and you can move in.

13. Please visit the HtBW website where further information is available


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Helping You To Buy

Lewis Homes has a selection of offers which will assist you in buying your dream home. Whether you are a 1st time buyer or you own a home already, we have offers that will help to make your move easier.

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