A scheme aimed at helping eligible people across Gwynedd buy a home on the open market is being launched by Gwynedd Council tomorrow (September 13).

The Homebuy Scheme is being delivered in partnership with Tai Teg and Welsh Government, and is already available nationally.

However, the Council intends to extend the current Scheme further by combining funds from the Tax Premium on Second Homes and funding from the Government.

With this move, £13million worth of equity loans will help provide even more people with the opportunity to purchase a home off the open market.

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The funding also includes an investment of £8.5million by Welsh Government as part of the Dwyfor Second Homes Pilot.

The main adaptations to the Scheme in its newest form are as follows:

  • Applicants will be able to borrow between 10 per cent and up to 50 per cent of the property’s value
  • Applications can now be approved for households with an income of up to £60,000 (previously £45,000)
  • Increased the maximum property price that can be purchased to up to £300,000
  • Significantly increased the funding (from approx. £300,000/year to £13million over the period of four years) to be able to help even more people

Please note that these terms will be reviewed regularly to ensure that they are still current and relevant to the situation in Gwynedd.

Gwynedd Homebuy Scheme is for first time buyers, or for individuals and families who find it difficult to afford to buy a suitable home on the open market.

The number of people that are priced out of the market is high, and the Gwynedd Homebuy Scheme is aimed at providing support to those people.

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Loans can be provided to pay the difference between the property price and what prospective buyers are able to offer as a mortgage and deposit.

For example, if an individual wishes to buy a property worth £200,000, and has a deposit of £10,000 (5%), and is able to obtain a mortgage of £150,000, the Council can loan them £40,000 so they are able to purchase the property.

The aim is to make houses more affordable to residents who find it difficult to get an adequate mortgage to buy a house on the open market in their local area.

Craig ab Iago, Gwynedd Council’s Cabinet Member for Housing and Property, said: “Through the Housing Action Plan, the Council has a clear vision to help local people be able to live in high-standard affordable homes in their area.

“We do this in many various ways, including purchasing homes, purchasing land, bringing empty homes back into use, building new houses, and schemes such as the Gwynedd Homebuy Scheme, which will make affording to buy o house on the open market within reach for the people of Gwynedd.

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“I encourage anyone who would like more information to visit the Council’s website, and if you’re eligible for the scheme, register with Tai Teg as soon as possible.”

Catrin Roberts, Grŵp Cynefin’s Affordable Homes Manager, said: “Tai Teg, administrated by Grŵp Cynefin, is very pleased to be working in partnership with Gwynedd Council and Welsh Government in order to be able to offer the Homebuy scheme to Gwynedd residents.

“As everyone is aware, house prices have increased to such an extent that all possible support needs to be offered to first-time buyers in order for them to be able to live in their communities and have a suitable, affordable and safe home.”

A spokesperson for Welsh Government added: “Welsh Government has allocated up to £8.5million in order to fund Gwynedd’s Homebuy Scheme.

“This will be an essential part of the Second Homes’ Pilot Scheme held up to 2024 in Dwyfor, working in partnership with the local authority and other partners to provide meaningful solutions for local people.

To learn more about Gwynedd’s Homebuy Scheme, visit the Council’s website: www.gwynedd.llyw.cymru/homebuy.

To check whether you’re eligible, visit Tai Teg’s website: www.taiteg.org.uk/cy/am-i-eligible-to-apply.

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