Society Launches Range of Family Assist Mortgage Products

2 May 2017

Family

The Society is pleased to extend its commitment to supporting first time buyers with the introduction of a competitive range of Family Assist mortgage products featuring £1,000 cashback on selected products.

With rising house prices and stagnant wages, not to mention an increasing number of adults carrying student debt, Monmouthshire Building Society recognises the difficulties faced by first time buyers

The Society’s Family Assist mortgage products allow parents, grandparents, aunties, uncles and other relatives to support first time buyers with house purchases by allowing them to join in the mortgage. Up to four applicants are permitted on the mortgage.

The new range of Family Assist mortgage products includes a 2 year fixed rate purchase product at 3.95% which features £1,000 cashback which will be provided to the home owner upon completion in the form of a cheque or BACS transfer. A 3% early repayment charge applies, and the product comes with no product fee and a £150 application fee.

The Society also offers a competitive 2 year fixed rate Family Assist mortgage product which is available at 3.45%. An early repayment charge of 3% applies, whilst this product comes with no product fee and a £150 application fee.

Full information about the product range can be found here.

Colin Strong, Head of Broker Sales, commented, “The Society is pleased to launch these new Family Assist mortgage products at a time of fierce competition in the housing market and prices which are often out of reach of first time buyers. Having family members’ income taken into account provides an ideal solution for those who can afford a mortgage but might otherwise struggle to meet the income multiples required to buy the home of their dreams”.

He continued, “With our low deposit range, Help to Buy: Wales specific products and a number of savings accounts aimed at future home buyers, this launch further demonstrates our commitment to remaining a dynamic and approachable provider of mortgage products for first time buyers”.

Eligibility

Loans available to persons aged 18 or over and are subject to status and valuation of a suitable property, over which security will be required. All lending will be subject to appraisal of the financial standing

Your home may be repossessed if you do not keep up repayments on your mortgage. Think carefully before securing other debts against your home.

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