Gwynedd Council prioritises £1 million this year for the Home Buy Scheme run by Tai Teg

Date: 09/07/2021

Gwynedd Council has announced that they will make £1 million available for the Homebuy Scheme in Gwynedd, administered by 'Tai Teg' on behalf of County Councils and the Snowdonia National Park.

The Homebuy Scheme is an equity loan scheme, which provides a loan of between 30% and 50% of the price of a house with the buyer financing the remainder through a mortgage, or a combination of savings and a mortgage.

Councillor Craig ab Iago, Gwynedd Council's Cabinet Member for Housing and Property, said: “We are currently in the midst of a housing crisis that is jeopardising the future of our communities. It is therefore vital that we as a Council continue to do everything we can to ensure that the people of Gwynedd have every possible help to be able to find a suitable home in their communities.

“We have recently committed to investing £ 77 million in our Housing Action Plan, to deliver on our vision of housing local people in their communities, in green, suitable and affordable housing.

“One of my priorities is to help the residents of Gwynedd compete in the housing market, and that is what we are doing by prioritising this scheme. It will help our people to own a home locally when they could not otherwise afford to buy a house for the first time, or live in an unsuitable house and cannot afford to move to a more suitable home that meets the family’s needs. ”

The Homebuy Scheme in Gwynedd gives people the opportunity to buy a property of their choice on the open market by offering a loan from 30% to 50% of the purchase price depending on terms and conditions.

The Scheme is suitable for people who are:

 

• over 18 years of age;

• in employment with a gross household income of between £16,000 and £45,000 a year;

• first time buyers;

• or their current home is unsuitable and does not meet the needs of their family, and they cannot afford to buy a property that suits their needs.

 

For more information or to register with Tai Teg, visit www.taiteg.org.uk

Gwynedd Council will look to expand this scheme in the future by using the council tax premium on second homes.