Struggling homeowners in Wales may apply for government support using the Help to Stay - Wales scheme. It aims to keep you living in your home while giving you space to fix any money issues.
With Help to Stay, you can apply for a shared equity loan to help make your monthly mortgage payments more manageable. The loan is interest-free for five years but must be repaid within 15 years.
You may borrow up to 49% of the value of your home. This is based on a valuation of the property provided as part of the scheme when you take out the loan. Because it’s a shared equity loan, the final amount you repay could be more or less than the amount you borrow, according to the market value of the home at the time that it’s sold or the end of the 15-year term.
You will need to create a plan for how you will repay the loan by the end of the 15-year term. You could also be forced to sell your home if you do not repay.
The scheme is restricted. You’ll need to show all the following:
your property is in Wales
the property is valued at £300,000 or less
you only have one mortgage on your property
you’re the property owner and it is your primary or sole residence
the total household income each year is no more than £67,000.
Before you start, you’ll need to speak to:
You can't apply without having this information first.
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