Blake Morgan has advised and assisted the Development Bank of Wales on a scheme that will benefit people struggling with their mortgage.
Through the Development Bank, the Welsh Government is aiming to tackle the cost of living crisis in Wales by giving homeowners, who are finding it difficult to pay their mortgage, interest-free loans for the first five years in a £40m scheme. The Help To Stay – Wales loans will aid those who cannot currently afford their mortgage payments.
Jodie Craven, Banking & Finance Senior Associate, led on the work alongside Banking & Finance Partner Kath Shimmin, helping the Development Bank to put the scheme together. The pair worked closely with Cenydd Rowlands, Property Director at the Development Bank of Wales, to ensure the scheme could come to fruition.
We were really pleased to work with Blake Morgan on the Help to Stay Wales scheme. The guidance and input from Jodie and Kath was vital. Jodie in particular went above and beyond to help us get through all the work involved; we couldn’t have done it without her. We now look forward to seeing the scheme support families across Wales.
Jodie added: “This is such a fantastic initiative from the Welsh Government and delivered by the Development Bank of Wales. The innovative nature of the scheme involved a number of complexities that we had to overcome in short timescales, so it was great to see that work completed in time for launch. We are proud to support the Development Bank with the work they do and this is just another fine example.”
The Development Bank of Wales provides sustainable and effective business finance for companies based in, or relocating to, Wales as well as delivering services on behalf of the Welsh Government, assisting individuals who live in Wales with home ownership.
The Blake Morgan Banking & Finance team have the strength and depth to provide a quality service to meet the needs of funders, lenders and borrowers in all types of financing transaction, offering advice on all aspects of lending, security, product development and financial regulation.