Range of New Help to Buy - Wales Mortgage Products Launched16 February 2017
The Society is pleased to extend its commitment to supporting new build home buyers with the introduction of a competitive range of Help to Buy - Wales mortgage products.
Providing a strong boost to the aspirations of first time buyers and those looking to move up the property ladder is a vital part of the Society’s business ethos. By participating in the Welsh Help to Buy Scheme, the Society is strengthening its commitment to both the local housing market and new build home buyers.
Help to Buy - Wales provides shared equity loan assistance to home buyers of new build properties who meet the requirements of the scheme, with funding provided by the Welsh Government. Help to Buy - Wales is available to first time buyers and home movers purchasing a new build home within Wales up to a maximum purchase price of £300,000.
The Help to Buy - Wales scheme is open to borrowers with a minimum 5% deposit, with the Welsh Government contributing up to 20% of the purchase price.
The Society’s new range of Help to Buy - Wales mortgage products includes a 2 year fixed rate purchase product at 2.25% with a 3% early repayment charge. This product comes with a £150 application fee and a £995 product fee which can be added to the loan.
For those looking to remortgage, the Society offers a competitive 2 year discount rate Help to Buy – Wales remortgage product which is available at 2.30%. An early repayment charge of 2% applies, whilst this product comes with no product fee, one free standard valuation and no application fee.
Existing Monmouthshire Building Society members will be pleased by the launch of two rate switch products including a 2 year Help to Buy - Wales discount rate switch product at 2.00%. This product comes with a 2% early repayment charge and benefits from no product fee and no application fee.
Full information about the product range can be found here.
Chief Executive James Bawa commented, “The Society is pleased to commit to the Help to Buy - Wales scheme since it provides an affordable solution to home ownership for those who may find it difficult to save up for a larger deposit, as well as for existing homeowners who may be looking to move up the property ladder”.
He continued, “This competitive new range offers new and existing customers alike the opportunity to find the right mortgage for wherever they are in their Help to Buy – Wales home-buying journey, and demonstrate our commitment to Monmouthshire Building Society remaining a dynamic and approachable provider of competitive mortgage loans for customers throughout Wales”.
Help to Buy – Wales is open to first time and existing homebuyers looking to purchase a new build property in Wales.
Help to Buy – Wales is subject to certain terms and conditions and affordability criteria as defined by the Welsh Government. Full details can be found at www.helptobuywales.co.uk.
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 of the applicants.