Gwynedd Homebuy Scheme

The Homebuy Scheme is already available nationally, but Gwynedd Council plans to extend that Scheme further, by combining money from the Second Home Tax Premium and Government funding making £13m worth of equity loans available to give even more people the opportunity to buy a home off the open market in their local community. The funding includes an £8.5m investment from the Welsh Government as part of the Dwyfor Second Homes Pilot.

The main modifications to the revamped Scheme are:

• Between 10% and up to 50% of the property value can be borrowed

• Allow applications from households with incomes of up to £60,000 (previously £45,000)

• Increased the maximum value of a purchasable property to up to £300k

• A significant increase to the budget (from around £300k a year to £13m over a four-year period) to enable help to be offered to more people

• Local Connection - Will need a local connection to the area where the applicant lives. e.g. the community council but if no suitable property is available then happy to look at the neighbouring community councils.

We reserve the right to bring forward the closing date if sufficient number of applicants received.