Principality Building Society has joined with Wales & West Housing to launch Own Home Cymru, a new scheme offering a 0% deposit mortgage.
The initiative is aimed at helping more people in Wales buy their first home.
Wales & West Housing has set up Own Home Cymru to bridge the gap between renting and owning.
The scheme is only available at Wales & West Housing’s Dee Gardens development on Deeside in Flintshire.
It is aimed at people from the local area who can afford mortgage payments but do not have the money for a large deposit.
Under Own Home Cymru, homes are sold at full market value but eligible buyers get a 30% discount.
Principality Building Society will offer a 0% deposit mortgage to buyers of these properties.
This means buyers do not need upfront savings and must pass strict affordability checks.
Vicky Wales, chief customer officer at Principality Building Society, said: “As Wales’s 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, said: “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 home ownership.
“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.”
