Help to Stay – Wales: Support for Homeowners Facing Financial Difficulty
If you’re struggling to keep up with your mortgage payments, the Welsh Government’s Help to Stay – Wales scheme could help you stay in your home.
What is Help to Stay – Wales?
This scheme offers two key forms of support:
- Free, independent financial and mortgage advice from specialist debt advisors.
- An interest-free equity loan for 5 years to reduce your monthly mortgage payments to an affordable level.
How does it work?
- You’ll first receive expert advice to explore all options and confirm what you can reasonably afford.
- If appropriate, you may be offered an equity loan to pay off mortgage arrears and reduce your outstanding balance. This helps lower your monthly payments and ease financial pressure during this period of rising living costs.
- The loan is interest-free for the first 5 years. Repayments start after 5 years, and the loan must be repaid either when the property is sold or at the end of a 15-year term.
Why is this important?
The scheme aims to prevent mortgage arrears and keep people in their homes by providing practical financial support and advice.
Eligibility and Further Information
Homeowners who qualify will have all advice costs covered by the Welsh Government. This advice will also be repeated before the interest-bearing phase begins to ensure affordability.
For full details, including eligibility criteria, visit: Get help paying your mortgage with a Help to Stay shared equity loan | GOV.WALES
