Welsh Government urged to help first time buyers
2:35pm Thursday 10th October 2013 in News
PRESELI Pembrokeshire MP Stephen Crabb has called on the Welsh Government to help first time buyers, as the UK Government launches its Help to Buy scheme in England.
The Help to Buy mortgage guarantee scheme, launched three months early, has been designed to help people who can afford mortgages but who cannot afford the necessary deposits. The scheme will mean that first time buyers will have access to mortgages requiring only a 5% deposit. The Welsh Government has yet to implement a similar policy.
Mr Crabb said: “This is a real issue in Pembrokeshire. I have met many local people at surgeries looking to take their first steps onto the property ladder who could afford mortgage payments but simply cannot afford to pay for the deposit. Many mortgages in Wales require deposits of 20% and above, pushing home ownership out of the reach of many.
“The Help to Buy scheme in England will help first time buyers achieve their dreams of buying their own home, as well as encouraging more house building.”
He added: “In Wales, we have seen a worrying increase in red-tape on house building and a fall in the number of new homes registered. As the Help to Buy scheme begins to take effect across the border, we need to see the Welsh Government implement their own policies to help first time buyers in the same circumstances in Pembrokeshire.”