Monmouthshire helps first time buyers onto property ladder
Monmouthshire Building Society, one of Wales’s largest and most successful financial institutions, is successfully helping local first time buyers make those all-important first steps onto the property ladder.
The tough economic conditions and restrictive eligibility that have affected the UK mortgage market in recent years, has made it increasingly difficult for first time buyers to build up the necessary deposit.
In 2011, Monmouthshire Building Society decided to provide more support to help local customers who wish to own their home. As a vibrant contributor to the local economy, the Society believes that providing a strong boost to such aspirations is a vital part of its business ethos.
The Society introduced a range of competitive Low Deposit Mortgages, requiring only a small 5% deposit, which has significantly raised customer’s ability to afford their first homes. Since their launch last April, the Society has helped over 300 local people to buy their first home.
They have also recently launched a First Home Bonus Saver account, specifically designed for customers looking to purchase their first home in the next few years. The account offers a highly competitive yet flexible savings method by which to save up for a deposit, plus a variable interest rate and fixed bonus which currently earns 5.00%.
Monmouthshire Building Society gained award status as the ‘Best Regional Building Society for 2011’ by the Mortgage Finance Gazette Awards, bestowed to the mutual lender who offered the most consistently competitive mortgage rates over the past year. In 2012, the Society was voted as runner-up in the same category.
Commenting on the success, Chief Executive, Andrew Lewis said “The Society is proud of the support it is able to offer its local customers who wish to pursue their dream of home ownership. The level and success of our support is particularly gratifying considering the financial difficulties and challenges that have emerged following the economic downturn.”
He continued “The strength of our product range, allied to our award-wining recognition, cements the Society’s position as a competitive, vibrant and approachable provider of mortgage loans. Our pledge to support local mortgage customers is part of our long-term vision for the future of the Society and its position within the Welsh mortgage market.”
The Society’s low deposit mortgages are available for customers who live in the NP, CF, SA, LD, WR, GL, HR and BS postcode areas, and full information about the product range can be found at the Society’s website (monbs.com).
The Newport-based mutual Society announced last year another excellent set of annual results, in which its assets grew to a record £742m, up from £692m the previous year. In the twelve months to 30th April 2011, the Society experienced exceptional growth of 7.2%, whilst profit after tax exceeded £2.4m. This demonstrates that customers continue to respond to the Society’s secure track record, quality of service and competitive product range.