Make the move to the Mill with as little as a 5% deposit, thanks to Help to Buy - Wales. The government-backed scheme is available on all new homes for sale at The Mill, Canton.
The first step to buying a new home is often the hardest. How do you save enough for a deposit?
We recognise it’s especially difficult for you to build up a big enough deposit when you’re young, even if you’re earning enough to pay a sizeable monthly mortgage.
Now the Welsh Government will help you - with Help to Buy - Wales. The scheme enables you to move in to a ‘new build’ property (used as your main home) priced at up to £300,000 by paying only a 5% deposit. How? The Government will offer you an equity loan of up to 20% of the value of the property, meaning you need a mortgage of as little as 75% of the purchase price.
And it doesn’t have to be your first home! The scheme is available to people moving up the property ladder too.
Interest-free for five years
Most people find the first few years of their mortgage to be a bit of a struggle. The equity loan eases some of the pain - it’s interest-free for the first five years. After that, you’ll pay a level of interest based on the value of your home and the cost of living.
How much would I have to pay?
If the market price of your new home was £250,000 you would be need to pay a 5% deposit amounting to £12,500.
The Welsh Government would provide a shared equity loan of 20% of the £250,000 purchase price, totalling £50,000 - leaving you to secure a 75% mortgage from a bank or building society, amounting to £187,500.
Important things to remember:
You can find out more about Help to Buy - Wales (as well as view the full terms and conditions) by downloading the Lovell Homes scheme leaflet.
For regular updates on everything at The Mill, register your interest in these fantastic new homes today.