Welsh Government is introducing a temporary three-month interest repayment holiday for interest bearing Help to Buy Wales customers who may suffer financial hardship as a result of the Coronavirus outbreak.
The announcement by housing minister Julie James means customers who might be affected by Coronavirus who then suffer a drop in income will not need to pay a Help to Buy loan interest repayment, for a three-month period.
Help to Buy Wales provides a shared equity loan of up to 20% of the purchase price of a new-build home worth up to £300,000. The loan has to be repaid after 25 years or when the property is sold.
Buyers also have to pay monthly interest on the loan from the firth anniversary of buying the property. Currently there are 619 interest-bearing customers in the scheme in Wales.
Housing Minister, Julie James said:
‘The steps I’m taking today will help several hundred Help to Buy Wales customers, who may be impacted by Coronavirus, deal with potentially unexpected financial hardship.
‘The Welsh Government continues to do all it can to support the people of Wales during this difficult time.’