Clients purchasing a property through the new Help to Buy - Wales Equity Loan scheme (effective from 2nd January 2014), can choose from our range of home buyer products.
A quick criteria check for Help to Buy - Wales Equity Loan scheme:
- A minimum deposit of 5% is required.
- Maximum purchase price is £300,000.
- For the first five years of the Equity Loan a £1 monthly admin fee is payable. From year six the Equity Loan interest payments will begin at a starting rate of 1.75%pa, increasing by RPI plus 1% every year thereafter.
- The Help to Buy - Wales Equity Loan scheme is available to all home buyers of New Build properties in Wales, including first time buyers and home movers.
- The property being purchased must be the client's main residence and not a second home or Buy to Let property.
- Clients must not own another home at the time of purchase.
- Properties which have been previously occupied either by an owner occupier or a tenant before sale may not be purchased with Help to Buy assistance.
- Properties subject to a Section 106 agreement are not eligible.