Wales & West Housing manages 12,500 homes across 13 local authorities and has developed Own Home Cymru to bridge the widening affordability gap between private renting and ownership.
This scheme will be exclusively available to those buying homes at Wales & West Housing’s Dee Gardens development on Deeside in Flintshire.
It aims to support individuals and families who live in the local area who can “sustain mortgage repayments, but lack the access to the large deposits typically required by traditional lenders”.
Under the scheme, all homes are delivered on a discounted market sale model, where eligible buyers are given a 30% discount.
The zero-deposit mortgage provided by Principality Building Society will allow buyers to access homes without the need for upfront savings.
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Vicky Wales, chief customer officer at Principality Building Society, said: “As Wales’ largest building society, our purpose is to help people prosper in their homes, lives, and communities. We are proud to work alongside Wales & West Housing to offer a truly innovative route into homeownership. By removing the barrier of a deposit, we are enabling more people in Wales to achieve the stability of being able to get on to the property ladder.”
Matthew Owens, head of commercial development at Wales & West Housing, added: “We are very grateful for the support provided by the Principality Building Society for our discounted sale product ‘Own Home Cymru’. The mortgage products that they offer will make it easier for first time buyers to get on the property ladder by significantly reducing the upfront costs of entering into homeownership.
“We look forward to working with the Principality Building Society over the next few years, helping to provide support for first-time buyers in Wales.”
Earlier this month, Principality Building Society confirmed that Iain Mansfield would become its new CEO.
