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Pembrokeshire Council launch scheme for first-time buyers

Pembrokeshire Council launch scheme for first-time buyers

Homebuy Pembrokeshire, funded by the Second Home Premium, seeks to alleviate the difficulties buyers face when trying to enter the property market.
In Pembrokeshire, significant differences in property prices across the county can render many areas inaccessible for first-time buyers.
House prices can continue to serve as a hurdle to home ownership, even after a deposit has been saved and mortgage access secured.
Homebuy Pembrokeshire, organised by Pembrokeshire County Council, aims to dismantle this barrier by offering a loan of up to 30 per cent of the property's value to contribute towards the purchase.
This loan is interest-free and is secured against the property in the form of a legal charge, with its value linked to the property's current market value.
The scheme applies to open market properties in the county, with extra support available if the buyer chooses to purchase an 'empty property'.
Michelle Bateman, cabinet member for housing, said: "The launch of Homebuy Pembrokeshire is part of the administration's commitment to increasing the supply of affordable housing of all tenures.
"We know that there are barriers which prevent people being able to move onto the housing ladder, and we hope that with this support we can give first-time buyers an opportunity to own their own home.
"The scheme is part of a wide range of measures being taken to address the housing crisis, including our development and acquisitions programme, leasing scheme Wales and support for those wanting to bring empty properties back into use."
Homebuy Pembrokeshire demands all applicants demonstrate a local connection to the county to qualify, as part of the initiative's goal to support local residents.
An initial £1 million has been set aside to run the project, with repayments on loans to be reinvested to further expand the county's affordable housing programme.
Those interested in finding out more about this scheme, or the application process, can visit Homebuy Pembrokeshire's web page or reach out via email at affordablehousing@pembrokeshire.gov.uk or call 01437 764551.

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