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Wales proposes 95% LTV loans scheme for new-build properties

The Welsh assembly is considering launching a 95% LTV mortgage scheme for new-build properties, similar to those available in England and Scotland.

Housing policy is a devolved area. England launched its NewBuy scheme in March while Scotland launched MI New Home in June.

In its Homes for Wales consultation white paper, the devolved government proposes support for buyers with small deposits, tailored to Wales.

The move is subject to legal approval but would work in the same way as NewBuy by providing guarantees for 95% LTV new-build deals.

The Welsh government says it is evaluating schemes developed elsewhere in the UK that involve governments and developers contributing a small percentage of the purchase price to a fund to indemnify against losses in cases of repossession.

The white paper states: “The scheme will be crafted to meet the needs of Wales and support the Welsh economy.

“A relatively limited financial contribution is required by government to assist households, based upon the estimated default rate. We are aware that it will not suit everyone.

“We are also mindful of the need to avoid situations where people find themselves at some point in negative equity or under pressure with future mortgage repayments.”


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