Society helps first time buyers onto the property ladder

4 August 2010

Shared Equity

(from left to right): Tim Beckingsale (Home Ownership and Strategic Asset Manager, Fairlake), Colin Strong (Head of Lending, Monmouthshire Building Society) and Teri Ireland (Home Ownership Coordinator, Melin Homes).

The Society has launched a new Shared Equity Mortgage scheme to help local first time buyers onto the property ladder.

Taking out a Shared Equity Mortgage will allow first time buyers to purchase their home for 70% of its value. The remaining 30% share will be funded by one of the 2 housing associations – Fairlake and Melin Homes with whom the Society has teamed up with to offer this product.

The mortgage interest rate is also fixed for the first 3 years, which allows first time buyers to set-up a home whilst giving stability to their mortgage repayments. This Shared Equity Mortgage is only available to eligible first time buyers who wish to purchase property within the NP postcode area.

Both Fairlake, based in Newport and Melin Homes, based in Pontypool, are housing associations whose purpose is to provide a wide range of affordable housing solutions and high-quality services to people with housing needs.

For further information on this Shared Equity Mortgage, please click here.

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