Society Launches New 5% Deposit Mortgage Products

25 January 2017

FIRST TIME BUYERS

The Society has launched two new mortgage products that require as little as 5% deposit as part of their new campaign aimed at first time buyers.

With the New Year just behind us, the Society’s first time buyer campaign for those in South Wales and the South West of England, is focused on guiding would-be home-owners through the often complex process of buying their first home.

The new house purchase product range offers a competitive fixed or discount interest rate and up to 95% loan to value (LTV) in the Society’s local lending area*.

For those first time buyers who wish to tie themselves into a fixed rate deal, the Society has launched a two year fixed rate house purchase mortgage at 3.39% with a maximum LTV of 95% which is also only available in the Society’s local lending area. This mortgage product has no product fee, although a £150 application fee applies.

The Society’s two year discount house purchase mortgage at 3.55%, with a maximum LTV of 95% is available for house purchase across the Society’s local lending area which is defined as NP, CF, SA, LD, BS, GL, HR & WR only. The product comes with no product fee and a £150 application fee and is ideal for those who may be finding it difficult to save up for a larger deposit.

Colin Strong, Head of Lending Procurement, commented: “Our new campaign to support first time buyers is part of the Society’s strategy to get back to our roots as the mortgage provider of choice within our core territory. In contrast to many of our competitors, our face-to-face, personal level of service ensures that we can go that extra mile in making the process go as smoothly as possible from start to finish.”

He continued, “The introduction of these new competitive fixed rate and discount products, which complement our existing range which includes a Help to Buy – Wales mortgage product, clearly demonstrates our pledge to support first time buyers and we look forward to supporting as many people as possible in their goal to own their very first home.”

Further information about the product range including full terms and conditions, can be found here.

*Our local lending area is defined as postcode areas: NP, CF, SA, LD, WR, GL, HR and BS

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