Welsh Government to help first-time buyers
The Welsh Government will provide guarantees for mortgages for first-time buyers, the Welsh finance minister will announce later today.
Jane Hutt will outline how her department intends to invest more than £3.5 billion over this spending review period and around £15 billion over the next decade in capital projects in Wales’ first infrastructure investment plan for growth and jobs.
The plans will include a mortgage indemnity scheme for new build homes, with buyers being offered up to 95 per cent loan to value.
‘Housing is one of our key infrastructure priorities,’ Ms Hutt said. ‘That is why I will be announcing additional resources later today to expand our empty properties initiative; deliver a Welsh Housing bond; extend the Welsh Housing Partnership; and develop a Welsh mortgage guarantee scheme.’
Housing minister Huw Lewis outlined the government’s commitment to helping local authorities establish their own mortgage schemes. Cardiff Council and Ceredigion Council have mooted launching their own schemes in the past.