SmartNewHomes

Principality Building Society and Fairlake Living housing association have joined forces to help people get onto the property ladder.

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  • First time buyers in Wales have been offered a helping hand to invest in a new home.

    Principality Commercial has provided £5m of funding for Welsh housing association Fairlake Living, to build new shared ownership homes in Caerphilly, Newport, Torfaen, and Monmouthshire.

    The 200-home Barratt Homes site at Foxglove Meadows, Newport, has been selected for the scheme, where first time buyers can purchase a percentage of their home while paying a rent to Fairlake Living.

    Principality's shared ownership mortgage allows house hunters to invest between 40 and 75 per cent of the property.

    Buyers can then secure a further share in the future when they are financially able to.

    Investment in a new home also means buyers need not worry about expensive refurbishment works when they move in.

    Research from Santander recently found that commuting distances are important to many people when choosing their ideal property.

    Some information contained herein may have changed since it was first published. SmartNewHomes strongly advises you to seek current legal and/or financial advise from a qualified professional.

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