News | | Published: 09:00, Friday March 9th, 2018.
Last updated: 14:55, Tuesday March 20th, 2018
The Welsh Government has launched two new schemes to help homebuyers in Wales.
Rent-to-Own Wales will help those who can afford monthly payments but are not able to save enough for a mortgage deposit, while Shared Ownership Wales will help those who have access to a small deposit and are able to get a mortgage on a proportion of the value of the property.
The schemes are not just available to first-time buyers either, although applicants need to be on an annual combined household income of £60,000 or less.
Minister for Housing and Regeneration Rebecca Evans AM launched the schemes during a visit to Crumlin.
On Wednesday, February 28, Ms Evans visited Kennard Point in Crumlin, a development by Pobl Group, where homes will be available for both schemes.
She said: “We know there are many hard-working people who find it hard to save a deposit.
“We are committed to supporting people to take that difficult first step into buying their own home in Wales.
“The Welsh Government is investing £70m in Rent to Own and Shared Ownership, as part of our commitment to building 20,000 affordable homes by 2021.”
Kathryn Edwards, Pobl Group’s Managing Director Homes and Communities, said: “We are delighted the Welsh Government has chosen Kennard Point to announce their significant grant investment.
“Shared ownership is already a very popular, affordable way of getting onto the property ladder. This additional £70m funding, coupled with the introduction of Rent to Own means people in Wales now have a greater choice of how and when they buy and don’t have to give up on their aspirations of owning their own home.”