Rebecca Evans AM, Minister for Housing and Regeneration, launched two new schemes to help more people buy their own home at our Kennard Point development in Crumlin today.
Rent to Own – Wales will help those who can afford monthly payments but are not able to save enough for a mortgage deposit, while Shared Ownership – Wales will help those who have access to a small deposit and are able to get a mortgage on a proportion of the value of a property.
The Welsh Government is investing £70m in Rent to Own and Shared Ownership, as part of their commitment to building 20,000 affordable homes by 2021.
Rebecca Evans said:
“Help to Buy Wales has successfully supported many people in Wales who have a 5% deposit to buy their own home. However, we know there are many hard-working people who find it hard to save a deposit. We are committed to supporting people to take that difficult first step into buying their own home in Wales.
“These schemes will help people to get on the property ladder today; instead of spending years saving for a deposit, they will spend those years living in their home.”
The two and three bedroom houses on Pobl Living’s Kennard Point development are available to buy through both Rent to Own and Shared Ownership. Shane Clayden, who is hoping to buy through Rent to Own at Kennard Point said:
“With the Rent to Own scheme, realistically I don’t think we would have been able to, or even had the idea of owning our own homes within the next 10 years.”
The schemes are not just available to first time buyers but eligibility criteria apply, including a requirement for applicants to have a combined annual household income of £60,000 or less.
You can find out more information about Rent to Own – Wales and Shared Ownership – Wales on the Your Home in Wales website. Or to find out more about Kennard Point or any of Pobl Living’s other developments you can go to www.poblliving.co.uk