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NewBuy: Mortgage 'blow' for first time buyers

A flagship scheme to help homebuyers in Wales has been scrapped only weeks before it was due to start.

Welsh government ministers say the housing industry has withdrawn support after similar, but separate, plans were announced by the UK government.

NewBuy would have enabled buyers to have high loan-to-value mortgages and supported the building of 3,000 homes.

Housing Minister Carl Sargeant said a UK government scheme involved less financial risk for housebuilders.

Siobhan Mail, a director of Seer Green financial planning in Newport, told BBC Radio Wales' Oliver Hides that it was a massive blow for first time buyers in Wales.

Help scheme for homebuyers dropped

  • 18 Apr 2013
  • From the section Wales