‘Help to Buy is still going strong’ says Tim Grey of Llanmoor Homes
With recent headlines proclaiming the ‘closure’ of the Help to Buy Scheme, it’s unsurprising that many people are now worried that the entire scheme will be ending in December 2016. In fact just one part of the scheme is due to end and Tim Grey, Sales Director of Llanmoor Homes, explains that Help to Buy Wales is still going strong…
“The recent news that the Help to Buy Mortgage Indemnity Scheme will not be extended beyond December 2016 could initially be thought as being unwelcome news to many prospective buyers, but it is important to remember that this is just one part of the scheme and by no means signifies an end to Help to Buy” said Tim.
“Many buyers may not realise that Mortgage Indemnity Scheme was always scheduled to end in December 2016 and has simply not been renewed due to it being vastly underused in comparison to the Shared Equity Scheme. It was confirmed earlier this year that the Help to Buy Wales Shared Equity Scheme, which enables buyers to purchase a new build property up to the value of £300,000 with as little as a 5% deposit and 75% mortgage, will be extended until the end of 2021.”
“At Llanmoor Homes we have never directly offered the Mortgage Indemnity Scheme but have had great success with the popular Help to Buy Wales Shared Equity Scheme and have sold approximately 200 Help to Buy assisted properties since it came into effect in January 2014, with 80% of our purchasers using the scheme being first time buyers.
“Since its introduction the scheme has provided vital support to people who may not otherwise have been able to afford to buy their own home, as well as encouragement to housebuilders across Wales to continue producing new homes in line with Welsh Government targets, and there is every indication it will continue to do so until at least 2021.
“The most important thing for prospective buyers to remember is that there is still plenty of time for them to access the Help to Buy Wales Shared Equity Scheme to purchase their new home.”
Llanmoor Homes is one of just a handful of private, family-run housebuilder in South Wales. The company is directed from its headquarters in Talbot Green by brothers Simon, Tim and Matthew Grey. Llanmoor currently have 8 developments across the South Wales region and have built thousands of homes over a period of almost 50 years.