Currently there are no funds
available for the Homebuy Scheme in Gwynedd and Anglesey therefore we will not
be sending out any application forms for the scheme.
The Association administers the Home buy Scheme which is a scheme which gives
financial assistance to local persons who have insufficient income to raise a
mortgage for the purchase of an adequate home.
The scheme offers a repayable loan of either 30% or 50% of the purchase price
of a property off the open market (see below the maximum purchase cost
guidelines for the scheme).
To qualify for the scheme an applicant must prove that they are unable to
purchase a property without the assistance of the scheme and that they meet all
the qualifying criteria.
The scheme offers a loan towards the purchase of a suitable property and during
the period the applicant lives in the property no payments have to be made to
the Association. Monthly repayments will have to be made to their mortgage
lender for the loan to finance the remaining purchase cost. The loan has to be
repaid to the Association upon sale of the property or sooner should they wish
and the amount repayable would be based upon the value of the property at the
time of repayment i.e. if the property was purchased for £50,000 and the
Association advanced £15,000, 30%, towards the purchase price and if the
property is worth £60,000 at the time of repayment £18,000, 30% of this figure
would have to be repaid to the Association.
The Homebuy
Scheme is very propular and there is currently over
a 100 applicants on our waiting list. The National
Assembly Government have recently carried out a
research on how the scheme’s being operated and who
is eligable for the scheme. You can register with
us, but as there is so much interest, we cannot
guarantee that funding will be available for the
scheme in it present form in the long term.