Help to Buy Wales

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

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Ashberry Home

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.

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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.

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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 Ashberry home

2

Apply for your mortgage with Help to Buy

3

Receive your mortgage offer

4

Move into your brand new Ashberry home

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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.

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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.

Help to Buy helps you buy a bigger house to start with and you don’t have to move so often – each move costs money. Ben and Emily, Royal Retreat, South Midlands division
Find a development near me

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

London Help to Buy England London Help to Buy London Scotland Help to Buy Scotland
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*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 Homes and Communities Agency’s (HCA) terms and conditions and is available on new build homes on selected Ashberry Homes developments where the property represents your only residence. Help to Buy is available to first-time eligible buyers only and is subject to maximum regional price caps. HomeBuy agent eligibility checks are required. The equity loan is interest free for the first five years. If you are an eligible first-time buyer, the Government will lend you a minimum of 5% and up to 20% (or up to 40% in London) of the market value of your new build home. You start to pay interest from year six, on the fifth anniversary of your equity loan and this is calculated at a rate of 1.75% of the equity loan amount. The interest rate will rise each year thereafter in April by the Consumer Price Index (CPI), plus 2%. The interest you pay during the life of the equity loan does not reduce the amount you owe. The amount of interest you pay will reduce if you make part repayments. Interest will be worked out on the amount of equity loan left to pay. You may be charged interest on overdue money and pay administration fees to make changes to your equity loan. When your equity loan starts you must pay a £1 monthly management fee, this is paid for the life of your equity loan. When you take out your equity loan, you agree to repay it in full, plus interest and management fees. You must repay your equity loan in full: at the end of the equity loan term (normally 25 years), when you pay off your repayment mortgage, when you sell your home and if you do not comply with the terms set out in the equity loan contract and you are asked to repay the loan in full. Help to Buy operates under terms and conditions imposed by the HCA and may be subject to change. Please visit www.helptobuy.gov.uk for further information. Help to Buy cannot be used in conjunction with other schemes. Information correct at time of broadcast. Please see www.helptobuy.gov.uk/equity-loan/eligibility/ for further information. †Terms and conditions apply.

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Download our Help to Buy guide

Enter your details below to download the free Ashberry Homes Help to Buy guide