Monmouthshire continues to help customers get on the property ladder
Monmouthshire Building Society, one of Wales’s largest and most successful financial institutions, has built up an enviable track record in recent years for helping first time buyers onto the property ladder.
With the Government’s launch of the second phase of the Help to Buy scheme across the UK, many customers may feel that now is a good opportunity to finally take those first steps onto the property ladder. The Help to Buy scheme aims to assist buyers with small deposits to attain home ownership.
Monmouthshire Building Society has, however, been successfully helping first time buyers across South Wales for some time now. As a vibrant contributor to the local economy, the Society believes that providing a strong boost to the aspirations of first time buyers is a vital part of its business ethos.
Since 2011, when many mortgage lenders were still reluctant to lend to first time buyers, the Society decided to provide more financial support to enable local customers to achieve their desire for home ownership.
The Society introduced, and has maintained, a range of competitive low deposit mortgages, which offer up to 95% loan to value in selected areas. The Society’s product range is suitable for all home buyers including new build properties, and offers exceptionally competitive interest rates, and in some cases, there are no product fees payable.
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 Society also offers 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, with a variable interest rate and fixed bonus which combined currently earns 5.00% AER/Gross.
Commenting on the Society’s support, Chief Executive, Andrew Lewis said “The Society is proud of the support it is able to offer first time buyers who wish to pursue their dream of home ownership. 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”.
He continued “The level and success of our support is particularly gratifying considering the financial difficulties and challenges that have emerged following the economic downturn. Our pledge to support first time buyers is part of our long-term vision for the future of the Society and its position within the mortgage market.”
The Newport-based mutual Society recently announced another excellent set of annual results, in which its assets grew to a record £885M, up from £819M the previous year. In the twelve months to 30th April 2013, it experienced 8.1% growth, whilst profit after tax reached £3.1m, as customers continued to respond to the Society’s secure track record, quality of service and competitive product range.