Home Buy Scheme

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.

Home buy Scheme Loans during 2006/2007

Ynys Môn
Loans totalling £692,650,400 towards the purchase of 18 homes (i.e. 30%/50% of the purchase price) have been granted through the Home buy Scheme in Anglesey.

Gwynedd
Loans totalling £1,276,548 towards the purchase of 28 homes (i.e. 30%/50% of the purchase price) have been granted through the Home buy Scheme in Gwynedd.

Conwy
Loans totalling £132,060 towards the purchase of 2 homes (i.e. 30%/50% of the purchase price) have been granted through the Home buy Scheme in Conway.

If you require further information regarding the Home buy Scheme contact our Property Services Department, at Ty Silyn, Penygroes.

VALUE LIMITS FOR HOME-BUY OPTION SCHEME

GWYNEDD