Property North Wales

New Homes North Wales

People wanting to buy homes are to be given an opportunity to buy their homes with just 5% deposits under a new government initiative. This scheme includes plans that allow buyers to lend 95% of loan to value of their property, which will really help first time buyers in particular secure their first home. The government plans to offer aid which will activate should a home be sold for less that the outstanding mortgage, whereby they will underwrite part of the risk a lender will have, by recouping their costs.

By doing this, the government is hoping that with an increase in more first time buyers, the housing market will get a ‘kick start’. First time buyers are finding it harder and harder to secure a deposit, partly because the deposit requirements have been set at a higher percentage. This new scheme will be beneficial to the housing market, but only for around 100,000 people. The scheme aims to help this many people initially, but there is no exclusion to the number of applicants. It is unknown at the moment to what the mortgage rates are going to be like. The scheme will be running for three years from spring 2012. To help further generate more property activity, the government is planning to get tougher on the more wealth housing tenants under its ‘Pay to Stay’ proposals. Tenants on high incomes are going to have to match private market rents if they are to stay in subsided homes.

There are also plans for a £400 million investment into a fund that will be helping to develop housing schemes that require extra funding. This is an aim to address the shortage of new housing in the United Kingdom. This scheme will see 16,000 new homes built, with work expected to begin in July 2012. This is in reaction to the Prime Minister and Deputy Prime Minister’s claims that the housing market is one of the biggest victims in of the recession.

These schemes are available throughout the UK and North Wales.  There are many New Homes North Wales properties that are available through the new scheme.

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