The tax slapped on second homes is being used by a council to offer loans to first time buyers.
The Homebuy Pembrokeshire scheme will – according to the council levying the tax – help FTBs overcome the obstacle of raising a deposit by providing a loan of up to 30% of the property value. It must be used towards the purchase.
With no interest to pay, the loan is secured against the property as a legal charge, with the value linked to the current market value of the property.
This scheme will be available for an open market property in Pembrokeshire with additional support if the buyer wishes to purchase a currently empty property.
The council emphasises that Homebuy Pembrokeshire is unlike some Wales-wide schemes helping FTBs and is only available for Pembrokeshire’s general open housing market.
