Leading developer Lovell Homes is encouraging house hunters in Ebbw Vale to consider its successful Golwg Y Bryn development, where the Government-backed Help to Buy Wales: Equity loan scheme is available.
As recently announced by the Welsh Government, the scheme will be extended for an additional year until March 2022, with plans to further extend the scheme until 2023, subject to available funding. The scheme was initially due to end early next year.
From April next year, the price cap on homes available to purchase using Help to Buy will be reduced from £300,000 to £250,000. The scheme will also not be restricted to first-time buyers, ensuring support is available to all those who need it.
The current Help to Buy Wales scheme is available on the three-bedroom Lambourne and Lansdown style homes at plot 47 and 44, which are priced at £196,996 and £206,495 respectively and available to move into for Christmas.
Help to Buy Wales is available on the homes at Golwg Y Bryn, enabling first and second-time buyers to purchase a brand-new home with just a 5% deposit. The remainder is made up from a 75% mortgage and a 20% equity loan, which is interest free for the first five years.
Deb Hurley, an independent mortgage advisor at ABP Mortgages Ltd, said: “Help to Buy is a fantastic scheme, as it helps buyers to get on the property ladder with only a 5% deposit. There are currently no other mortgages on the market that only require a 5% deposit, so using this scheme may be the only opportunity many have to purchase their own home.
“The scheme is also great as buyers don’t have to repay the equity loan for the first five years too, which allows purchasers to keep their payments low in the early years whilst they are starting out in their new home.
“I’ve had many clients who thought that owning their own property would be out of their reach. I discuss the scheme with all purchasers, whether they are first-time buyers or looking to move up the property ladder, and I can’t really see a disadvantage to it. Purchasers are often shocked at how cheap their mortgage payments will be when using Help to Buy.
“There’s definitely been an increase in people using the scheme in recent months. With many working from home due to Coronavirus, people have had time to plan and think of their next house move. There’s also an increase in the amount of deposit needed to buy a second-hand property, with the majority of lenders now asking for 15%, which is unaffordable for most first-time buyers and many people moving up the ladder.”
Situated on Blue Lake Close in Bryn Serth, Golwg Y Bryn is a highly sought-after range of two, three and four-bedroom homes.
Deb commented: “There is a good mixture of property types at Golwg Y Bryn and the prices are very competitive. The development is really popular with families and first-time buyers alike, with many great amenities nearby and a lovely community feel.”
Golwg Y Bryn is down to its final two homes for 2020, with new releases expected early next year.
The development is open by appointment only, 10am – 5pm seven days a week. For further information, contact the sales team on 01495 733 561.