Gwynedd Homebuy

Are you finding it difficult to buy a suitable house on the open market?

We may be able to help by lending the difference between the price of a house and what you can get as a mortgage and deposit.


What is Gwynedd Homebuy?

This scheme offers equity loans so that qualified applicants can buy a house on the open market. The scheme is funded jointly between the Welsh Government and Gwynedd Council, and the scheme is administered through our delivery partner, Tai Teg. 

The amount you can borrow is linked to your financial situation and the maximum you can borrow through a mortgage. If you meet the scheme's criteria, Tai Teg will confirm the amount you can borrow, if any, following a financial assessment. We can lend between 10% and 50% of the value of a property and the loan will be placed as a charge on the property. 

This scheme is not for people who can afford to buy a suitable home for their needs, or those who live in adequate homes but wish to move to a more expensive home. 

The purpose of this page is to outline the main features of the scheme and Tai Teg will provide the full conditions and rules when you apply for the scheme. Before deciding to buy a property, you should take independent financial advice to get a clear idea of ​​the costs and liabilities involved in owning a home.

To register, make an application or ask a question about the scheme visit the Tai Teg website.


Who is eligible for the scheme?

This is a scheme aimed at people who cannot buy a house on the open market without help.

To be eligible you will be first time buyers, or live in a home that is unsuitable for your needs (e.g. living in overcrowded conditions) and meet the following criteria: 

  • Must be over 18 years old.
  • Must have a combined household gross income of between £16,000 and £60,000.
  • Local Connection - you must have at least 5 years of local connection to the area you choose to live in e.g. have lived in the area for a period of 5 consecutive years
  • If you currently own a home you will need to be able to show that your home is not sufficient or that you can no longer afford to live in your current home. e.g. unable to afford to buy a property suitable for your family size on the open market or through any other ownership venture.
  • You are not able to buy a home that meets your needs without help from the Gwynedd Home Buy scheme.
  • You must be able to get a mortgage and a deposit for the property you wish to buy


How does the equity loan work?

The equity loan is calculated by identifuing what you can afford through a mortgage and deposit against property prices in the community you wish to live in. This loan can be up to 50% of a property’s value. 

For example, if prices for a 2 bedroom house in an area are £200k but a qualified applicant can only afford a deposit of £10,000 and a mortgage of £150,000, we can lend £40,000 (or 20% of the property value in this example) in the form of an equity loan. 

When you come to sell the home you have bought with the help of this scheme you must repay the loan. There is no interest or other credit charges on the loan and therefore no annual percentage rate (APR) for the loan. However, the amount you will have to repay is linked to the value of your home when you sell it. If the value of your home has decreased then the repayment will decrease but, if the value of your home increases the repayment will increase.

For example, if we lent 20% of the value of the property then you will need to repay 20% of the value of the property when you sell. If the value of your property increases then the repayment you will have to make will also increase. An independent valuation will be made of the property in order to establish the amount you will have to pay back. We will also reserve the right to have the first opportunity to buy the property or nominate someone to buy the property from you.


How to apply?

To apply for this scheme you will need to register with Tai Teg and be accepted on the register.

Register online: Tai Teg

Once you have been accepted to be on the register you will need to apply for the Gwynedd Homebuy scheme on the Tai Teg website.


More information

Further information can be found on the Tai Teg website, or contact the Tai Teg team: