Latest news with #HomebuyPembrokeshire
Pembrokeshire Herald
6 days ago
- Business
- Pembrokeshire Herald
New station car park opens in Whitland with 25 new spaces for rail users
A NEW affordable housing initiative has been launched to help first-time buyers in Pembrokeshire take their first step onto the property ladder. Homebuy Pembrokeshire, delivered by Pembrokeshire County Council, offers eligible applicants an equity loan of up to 30% of a property's value—providing vital support for those struggling to bridge the gap between mortgage offers and rising house prices. Funded by revenue from the Second Home Premium, the scheme aims to tackle one of the key challenges faced by prospective homeowners in the County: affordability. While many first-time buyers are able to save for a deposit and secure a mortgage, the actual cost of properties in Pembrokeshire can still be out of reach. Homebuy Pembrokeshire is designed to address this by offering an interest-free loan secured against the property as a legal charge. The repayment value is linked to the market value of the property at the time of repayment, giving buyers flexibility to repay when they are financially able. The scheme applies to homes purchased on the open market across Pembrokeshire, with additional support available for those choosing to purchase empty properties. Unlike similar initiatives elsewhere in Wales, which are often limited to new-build homes, Homebuy Pembrokeshire is tailored to the County's general housing market. Councillor Michelle Bateman, Cabinet Member for Housing, said: 'The launch of Homebuy Pembrokeshire is part of this administration's commitment to increasing the supply of affordable housing across all tenures. 'We understand that despite saving for a deposit, many people still find themselves priced out of home ownership. This scheme aims to remove that barrier and give first-time buyers a real chance to own their own home. 'It forms part of a broader strategy to address the housing crisis, alongside our development and acquisitions programme, Leasing Scheme Wales, and support for bringing empty properties back into use.' To qualify, applicants must demonstrate a local connection to Pembrokeshire and meet other eligibility criteria. The pilot phase of the scheme is backed by £1 million in funding, with all repayments reinvested into the County's wider affordable housing programme. For more information about the scheme and how to apply, visit the Homebuy Pembrokeshire webpage or contact the council's affordable housing team via email at affordablehousing@ or call 01437 764551.
Pembrokeshire Herald
6 days ago
- Business
- Pembrokeshire Herald
New housing scheme to support first-time buyers in Pembrokeshire
A NEW affordable housing initiative has been launched to help first-time buyers in Pembrokeshire take their first step onto the property ladder. Homebuy Pembrokeshire, delivered by Pembrokeshire County Council, offers eligible applicants an equity loan of up to 30% of a property's value—providing vital support for those struggling to bridge the gap between mortgage offers and rising house prices. Funded by revenue from the Second Home Premium, the scheme aims to tackle one of the key challenges faced by prospective homeowners in the County: affordability. While many first-time buyers are able to save for a deposit and secure a mortgage, the actual cost of properties in Pembrokeshire can still be out of reach. Homebuy Pembrokeshire is designed to address this by offering an interest-free loan secured against the property as a legal charge. The repayment value is linked to the market value of the property at the time of repayment, giving buyers flexibility to repay when they are financially able. The scheme applies to homes purchased on the open market across Pembrokeshire, with additional support available for those choosing to purchase empty properties. Unlike similar initiatives elsewhere in Wales, which are often limited to new-build homes, Homebuy Pembrokeshire is tailored to the County's general housing market. Councillor Michelle Bateman, Cabinet Member for Housing, said: 'The launch of Homebuy Pembrokeshire is part of this administration's commitment to increasing the supply of affordable housing across all tenures. 'We understand that despite saving for a deposit, many people still find themselves priced out of home ownership. This scheme aims to remove that barrier and give first-time buyers a real chance to own their own home. 'It forms part of a broader strategy to address the housing crisis, alongside our development and acquisitions programme, Leasing Scheme Wales, and support for bringing empty properties back into use.' To qualify, applicants must demonstrate a local connection to Pembrokeshire and meet other eligibility criteria. The pilot phase of the scheme is backed by £1 million in funding, with all repayments reinvested into the County's wider affordable housing programme. For more information about the scheme and how to apply, visit the Homebuy Pembrokeshire webpage or contact the council's affordable housing team via email at affordablehousing@ or call 01437 764551.
Western Telegraph
6 days ago
- Business
- Western Telegraph
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@ or call 01437 764551.
