Am I likely to qualify for a Homebuy loan?
Step 1
The Homebuy Scheme offers equity loans so that eligible applicants can buy a house on the open market.
This calculator has been designed to give an idea if your financial situation is likely to mean that you are eligible for the Homebuy scheme before going ahead and applying for the loan.
Click on the 'Start' button to start the calculator
No personal information is collected when using the calculator.
Please note: The calculator is only a rough guide and does not guarantee that you will be eligible to receive a Homebuy loan. For full details about the scheme and how to contact us, go to the page: Gwynedd Homebuy
Step 2
REMEMBER: This is a scheme for people who cannot buy a house on the open market without support.
To be eligible you will be first time buyers, or live in a home that is unsuitable for your needs (e.g. the house is overcrowded), and meet the following criteria:
- You have to be over 18 years old.
- Local connection: you must have at least 5 years of local connection to the area where you wish to live (for example, have lived in the area for a period of 5 consecutive years).
- You are unable to buy a home that meets your needs without help from the Gwynedd Homebuy Scheme.
- If you own a home, you must show that it does not meet your needs or that you cannot afford to stay in it – for example, if you cannot afford a home that is the right size for the family on the open market or through any other ownership scheme.
- The scheme is designed to help people who cannot buy a suitable home without support, not for those who want to upgrade or reduce their mortgage costs.
- You must be able to get a mortgage and a deposit for the property you wish to buy.
Step 3.1
How many bedrooms do you require? (The scheme allows you to select a property with up to one additional bedroom beyond your household size, for example, a 2-person household can apply for a 3-bedroom home).
Step 3.2
Which community are you looking to live in?
Step 3.4.1
How much is your mortgage?
Step 3.4.2
How much is your deposit? An applicant will need at least a 5% deposit.
Step 3.4.3
Do you have additional savings or equity in any other properties?
Step 3.4.4
How much is your household's gross income? Note, a gross income of £75,000 per household is the maximum for this scheme.
Income of £
Step 3.4.5
What is the value of the type of house you need in your community? It’s worth comparing the prices of more than one house in the community and entering an average here. Maximum property value that can be purchased - £300,000 (£350,000 in some exceptional cases).
Step 3.4.1
How much is your household's gross income? Note, a gross income of £75,000 per household is the maximum for this scheme.
How much £
Step 3.4.2
How much is your deposit? An applicant will need at least a 5% deposit.
Step 3.4.3
Do you have additional savings or equity in any other properties?
Step 3.4.4
What is the value of the type of house you need in your community? It’s worth comparing the prices of more than one house in the community and entering an average here. Maximum property value that can be purchased - £300,000 (£350,000 in some exceptional cases).
You probably don't qualify
You are unlikely to qualify.
Based on the financial information that has been entered it appears that you do not need the support of the scheme.
Still in need of support?
The information you have entered suggests that you will not be eligible. To discuss your circumstances and needs and to check if there is another scheme that may be suitable contact Tai Teg: 03456 015 605 /info@taiteg.org.uk
You probably don't qualify
Screen 8 - Need more than 50% loan.
You are unlikely to qualify.
Based on the information you have entered you need a loan that is worth more than 50% of the property. The maximum that can be borrowed depending on circumstances is 50% of the value of the property
Still need support?
The information you have entered suggests that you will not be eligible. To discuss your circumstances and needs and to check if there is another scheme that may be suitable then contact Tai Teg: 03456 015 605 / info@taiteg.org.uk
You may be eligible
It is possible that you are eligible for help through the scheme.
Based on the information you have entered it is possible that you are eligible for the support of the scheme.
Beth nesaf?
Ewch ati i gofrestru ar gyfer y cynllun drwy fynd i: Linc i ymgeisio
Neu, i gael mwy o wybodaeth am sut mae benthyciad Prynu Cartref yn gweithio ewch i: Cynllun Prynu Cartref Gwynedd.
You probably don't qualify
You are unlikely to qualify.
Based on the financial information that has been entered it appears that you do not need the support of the scheme.
Still in need of support?
The information you have entered suggests that you will not be eligible. To discuss your circumstances and needs and to check if there is another scheme that may be suitable contact Tai Teg: 03456 015 605 /info@taiteg.org.uk
You probably don't qualify
Screen 8 - Need more than 50% loan.
You are unlikely to qualify.
Based on the information you have entered you need a loan that is worth more than 50% of the property. The maximum that can be borrowed depending on circumstances is 50% of the value of the property
Still need support?
The information you have entered suggests that you will not be eligible. To discuss your circumstances and needs and to check if there is another scheme that may be suitable then contact Tai Teg: 03456 015 605 / info@taiteg.org.uk
You may be eligible
It is possible that you are eligible for help through the scheme.
Based on the information you have entered it is possible that you are eligible for the support of the scheme.
IMPORTANT: The accuracy of this result is dependent on the accuracy of the information you have entered about your financial situation and house prices that meet your needs. To apply for a loan you will need to complete a financial assessment and provide evidence of income and expenditure.
What next?
Proceed to register for the scheme by going to: Link to apply
Or, for more information about how the Homebuy loan works go to: Gwynedd Homebuy.