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Mortgages in Wales

Written By:
Myles Robinson - Expert Finance Advisor

Posted: Feb 21, 2023

Mortgages in Wales

Are you interested in a mortgage in Wales? We receive a lot of queries from both residents and first-time purchasers for mortgage advice.

They have questions about the Welsh mortgage system and how it might differ from the one they are used to. We offer free mortgage advice and we have a few mortgage providers lending to get you on the property ladder.

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Our mortgage brokers can help you get a mortgage in Wales

The mortgage advisor will have extensive experience arranging mortgages in Wales and are familiar with the process. We can discuss a reqayment mortgage, a shared equity loan and any other information you would like to chat about with your mortgage broker.

They also have good relationships with Welsh mortgage providers.

Our expert mortgage advisor can help you, whether you are a first-time buyer, an existing property owner, or a landlord looking for a buy-to-let in Wales or looking at a mortgage guarantee scheme.

Can I get a mortgage in Wales

You should be able to obtain a mortgage in Wales at an affordable rate as long as you meet all the eligibility requirements and mortgage affordability criteria. Most of the well-respected UK mortgage lenders will offer mortgages for properties in Wales. There are also a few specialists who only work in Wales.

What is the minimum income required to obtain a mortgage in Wales

It will depend on the property’s value, but most lenders will let you borrow up to 4.5x your salary (or combined salaries).

This is a general rule that applies to all UK lenders; however, every lender’s policy will differ, and some may be more generous than others. Our experienced brokers will be able to recommend the best lenders for you and provide mortgage advice with no obligation.


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Can I get a mortgage in Wales if I have bad credit?

Lenders consider credit history when deciding whether or not to offer you a mortgage. They also consider what the offer will look like in terms of interest rates and deposit requirements.

Mortgages are not available for those with poor credit. Sometimes, there is a limit to the number of lenders that will approve the mortgage request.

Your chances of success will be affected by the severity of your adverse credit and the lender’s policies. Some lenders will lend mortgages to people with bad credit records: talk to an expert if you have any questions about your credit history.

How much deposit is required for a Welsh mortgage?

Mortgage deposits are affected in Wales by various factors, just like elsewhere in the UK.

If you have good credit history and fit the lender’s ideal customer profile, you may be able to put down a smaller deposit than someone who has a lot of poor credit or multiple deviations.

Remember that a larger deposit can mean you borrow less, so you might be able to get lower interest rates. You may also find it easier to pay your mortgage off faster.


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Can I get a mortgage with a deposit of 5% in Wales?

Getting a mortgage in Wales for 95% with a deposit of 5% is possible if you have the right conditions. To help this market recover from the coronavirus pandemic, there were new ways to obtain a mortgage in Wales that required this deposit amount in 2021.

First, the mortgage guarantee program is available to both borrowers in Wales and the rest of the UK. This initiative allows you to get a 95% loan-to-value (LTV) a mortgage from a participating high-street lender. So that the mortgage provider can take on more risk, the government is “guaranteeing” a portion of these loans.

You must have a primary residence that is less than £600,000. To qualify for a mortgage under this scheme, you must also own a home. A repayment mortgage must be taken every month.

In addition to the mortgage guarantee program, many alternative lenders have also launched new 95% LTV products outside of it. Customers who aren’t eligible for a government program or don’t meet its requirements have additional borrowing options. These mortgage products can only be obtained through brokers.

This highlights the importance of speaking with a broker before searching the market for a mortgage with a 5% deposit.

You must have strong credit history and show that you can repay the lender to have a mortgage approved.

Mortgages for first-time buyers in Wales

We recommend that you check out our guide to first-time buyers if you want to purchase your first home in Wales. Our advice is applicable in both Wales and the rest of the UK. The mortgage guarantee program, open for first-time buyers, can be found in Wales. Also, the new 95% LTV mortgage products were launched in 2021.

The only thing important for first-time buyers in Wales is the Help to Buy mortgage program details. Although it doesn’t function exactly like its English or Scottish counterparts, it is very similar in its goals.


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Can I get a Help To Buy mortgage in Wales

Help to buy is available in Wales. It is currently entering its third phase. This will offer first-time buyers and homeowners current with a mortgage a financial boost for qualifying property purchases.

The Welsh government will provide a share equity loan of up to 20% of the property’s value to eligible borrowers. The scheme is only available for new homes. Their market value cannot exceed £250,000.

The third phase of Help to Buy Wales will be completed by March 2022. However, it may be extended for an additional year if funding is available.

This scheme is different from other Help to Buy programs in the UK. You can read more about it, including information regarding Help to Buy Wales mortgage rates, in our guide to Help to Buy Wales.

Help to buy a mortgage provider in Wales

You will need to choose from a list of approved lenders if you want to use Help to Buy to finance a property purchase in Wales. The official Help to Buy Wales website has a complete list of approved lenders. However, it is always advisable to seek specialist advice to ensure you get the best deal.


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Right to buy mortgages in Wales

Right to Buy in Wales was a program that allowed tenants living in social housing to buy their own homes. The Welsh government’s website has information on other schemes that might be available to those living in council accommodation looking to move up the property ladder.

Wales shares ownership mortgages

Shared ownership is another way to own property if you don’t have enough money to purchase a home at the market rate. It allows you to buy between 25% and 75% of a property in Wales. You can also rent the remainder, or you can own 100% if you have the funds.

Remortgage in Wales

Remortgaging can help you reduce your monthly payments at the end of a fixed term or access some cash in your home through equity release. This remortgage FAQ provides useful information and is applicable to both Wales and the rest of the UK.

Buy-to-let mortgages available in Wales

The area around Cardiff and Swansea has a large buy-to-let market. BTL mortgages are available from a variety of lenders. BTL mortgages are more expensive and may require larger deposits. However, if you meet the criteria of the lender, you could be approved for one. All landlords in Wales must register with the Welsh Rental Smart scheme.


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Can I get a commercial loan in Wales?

Commercial mortgages in Wales are available through various lenders if you’re looking for a loan to purchase a property. These applications are more unique than standard residential or buy-to-let mortgages. To get the best deal, you’ll almost certainly need to partner with an experienced broker. Read more about commercial mortgages.

Where can I find a mortgage broker for Wales?

We recommend that you seek advice about mortgages in Wales from Help to Buy Wales mortgage advisors, Buy To Let mortgage Brokers in Wales, and other specialists to ensure you get the best deals.

You can request a broker based in your area to get hyperlocal knowledge. Our advisors can connect you with south wales mortgage brokers or mortgage brokers in north Wales if you have very specific needs. A commercial mortgage broker can also be found in north Wales.

How to get a mortgage loan in Wales

We recommend speaking with a broker who has extensive experience in the Welsh market to ensure that you get the best rate possible and the most flexible product for you.

These brokers are all licensed and ready to assist you with finding the best deal.

Call us today to find out more about mortgage subjects.

Talk to an expert about Welsh mortgages today

You can apply for a mortgage to buy a home in Wales if you are ready. If you have further questions, our advisors will gladly assist you.

Our accreditation scheme ensures that all advisors have full access to the market.

Contact us today, send us a message to make an enquiry. We’ll get back to you as soon as possible to discuss your needs.


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