More local people eligible for support to buy a home in Gwynedd

The Gwynedd Homebuy scheme has expanded, enabling more people to qualify for support to buy a home within their own communities.

The shared equity scheme, managed by Cyngor Gwynedd in partnership with Tai Teg and the Welsh Government, offers an equity loan of between 10% and 50% of the value of a house on the open market. The buyer can then fund the remainder of the sale through mortgage and savings.

The scheme’s eligibility criteria has now been updated to allow people with a wider range of household incomes to qualify and to provide access to higher value houses in some areas where housing prices are unaffordable for a high percentage of local people.

To help people check whether they’re eligible under the new criteria, an easy-to-use online calculator has been launched. It allows users to quickly see if the scheme is suitable for them: Homebuy Gwynedd Scheme Calculator

The scheme is available to people:

• Over 18 years old with a local connection to the area where they want to buy a house
• Who are first time buyers
• Or whose current house is unsuitable and doesn’t meet the household’s needs (for example the house is full) and cannot afford to buy a property that’s suitable for their needs.

Councillor Paul Rowlinson, Gwynedd Housing and Property Cabinet Member, said:

“As a Council we do everything within our ability to ensure that the people of Gwynedd can live in their communities, in affordable housing that’s suitable to their needs. We know that housing prices remain outside the reach of a high percentage of the county’s people. The Homebuy Scheme offers loans that help eligible residents purchase a home on the open market.

“The world has changed significantly since we launched the scheme in 2022, and we want all our housing schemes to reflect the real needs of the people of Gwynedd. With this in mind, together with the Welsh Government’s Dwyfor pilot and Tai Teg, we have updated the scheme to support more people in housing need.

“Try the new calculator – if you weren’t eligible before, the new criteria might mean that you are now eligible.”

Jayne Bryant, Cabinet Secretary for Housing and Local Government said:

“I’m proud to support Cyngor Gwynedd in delivering the Homebuy programme, which we are helping to finance through the Dwyfor Pilot Scheme.

"The changes to the support package will help more local people to buy a home in their communities, where many face affordability pressures due to high levels of second homes and short-term renting."

The Homebuy Scheme is part of a wider programme by Cyngor Gwynedd to increase resident’s access to affordable housing. This includes building more houses, bringing empty homes back into use, and developing supported housing to help people facing homelessness.

To see whether you could be eligible, go to the website and try out the new calculator: Homebuy Gwynedd Scheme Calculator

To register, make an application, or ask a question about the scheme go to Tai Teg’s website:  https://taiteg.org.uk/en/ or contact by telephone on 03456 015 605 or e-mail:

info@taiteg.org.uk