Help to buy scheme now extended to 2025!
Are you looking to buy a new home but have just a 5% deposit?
Have you considered the Help to Buy – Wales Scheme?
Purchase your Llanmoor home with just a 5% deposit
Available for homes up to £300,000
Take out a mortgage of just 75%
Equity loans of 10-20% available
Scheme running for applications from 1st April 2023 to 31st March 2025
Not available on part exchange
Not available for a second home purchase or for investment purposes
Save money on a new energy efficient home
New energy efficient homes can save you more than £3,000 per year in energy bills. All Llanmoor Homes meet the minimum energy efficiency requirements of EPC B.
Learn more about the Help to Buy Wales Scheme
Find out more about the scheme by visiting the Help to Buy Wales website.
Purchasing a Llanmoor Home with Help to Buy Wales
- Help to Buy – Wales is an initiative that provides shared equity loan assistance to home buyers from Help to Buy (Wales) Limited (HtBW). Phase 3 extension will run from 1st April 2023.
- HtBW will be available for legal completions up to 19th December 2025 and will be subject to the application for funding under the scheme being submitted by 31st March 2025.
- HtBW Shared Equity is available on newly constructed houses and is available to all home buyers who are buying as their main place of residence (no buy to let investors or 2nd home owners) up to a maximum price of £300,000.
- All homes purchased with the support of the scheme will achieve minimum Energy Performance Certificate ( EPC ) Rating B.
- You must reserve your home with Llanmoor and pay a £500 reservation fee before you can apply for an equity loan. This fee is fully refundable if you’re not eligible for an equity loan.
- Equity loans of between 10% minimum and 20% maximum of the house price are available, subject to specific criteria and require that purchasers provide a minimum of 5% of their own deposit.
- Those looking to use the scheme will take out a mortgage of 75% via a qualifying lender. The shared equity loan will be subject to a 2nd legal charge. The mortgage will be on a repayment basis only (interest only mortgages will not be available).
- The equity loan will be over a maximum period of 25 years. No interest will be charged until after 5 years. From the sixth year interest will be charged at 1.75% per annum on the outstanding equity loan. From year seven interest will be charged at 1.75% plus any increase in Consumer Price Index (CPI) plus 2%; until such time as the equity loan is repaid. The interest payment will be due via monthly instalments from year 5 onward.
- The equity loan can be repaid at any time during the loan period. The loan must be repaid in the event that the property is sold and the value of the loan repayment will be set by means of an independent valuation of the property by HtBW at that time.
- Partial repayment can be made at any time but must be a minimum of 10% of the value of the property, set by means of an independent valuation. The remaining balance of equity loan must be at least 5% of the market value.
- A £1.00 per month management fee will be charged by HtBW paid monthly by Direct Debit for the duration of the equity loan. Part exchange is not available under the scheme.
- Any personal connections with Llanmoor Homes must be made known to HtBW as it may affect eligibility for the equity loan scheme.
- All purchasers wishing to use the scheme must be qualified by Llanmoor Homes recommended IFA prior to being permitted to proceed any further.
- Once qualified and a price has been agreed with Llanmoor on the relevant property, subject to your agreement, a meeting will be arranged with Llanmoor Homes recommended IFA to complete the mortgage application forms and a HtBW property information form which will require information as to current earning and outgoings. You can appoint your own IFA to act for you as long as they are Help to Buy Wales accredited.
- Llanmoor Homes have systems in place to ensure that all homes offered for sale through the scheme are checked for quality of construction and finish during construction and on completion by a senior member of Llanmoor staff.
- Llanmoor Homes are part of the Consumer Code for Home Builders as to customer Care and standards.
- All of Llanmoor’s homes have the benefit of an NHBC Buildmark New Build warranty.
- All homes sold under the scheme will be ready for connection to high speed broadband.
- The completed property information form and a copy of the reservation form will be forwarded to HtBW. Subject to all matters being in order an ‘Authority to Proceed’ letter will be forwarded to the buyer and Llanmoor. This will generally be within 5 working days of HtBW receipt of the forms.
- The buyer will within 5 working days of placing a reservation need to confirm to Llanmoor, the Solicitor and the IFA to proceed with the legal documentation, arrange payment of search fees and proceed with the full mortgage application.
- Subject to all being in order as to the mortgage application and upon completion of legal documentation and receipt of a mortgage offer, HtBW will issue approval to the Solicitor to proceed to exchange of contracts and to proceed to legal completion once the property is ready.
- The Government website has a great deal of further information as to the scheme and can be found by visiting www.gov.wales/help-buy-wales/scheme-extension
- Llanmoor Homes can recommend an accredited Solicitor and IFA to act for you in your purchase and who is well acquainted with the Help to Buy – Wales Scheme. Please ask our Sales Negotiator for details of recommended Solicitors.
- All purchasers will be allowed to view the actual home being purchased (with their own surveyor if desired) before legal completion.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY DEBT SECURED ON IT
Updated March 2023
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