Monmouthshire Building Society teams up with south Wales housing associations to help buyers into more affordable homes

The Newport-based building society is working with Pobl Group and Wales & West Housing to provide exclusive mortgage products for people purchasing homes.

The products are exclusive to each Housing Association and on offer for properties that have a valid Energy Performance Certificate (EPC) rating of A and B, fitting directly with the Society’s goals to lend mortgages on energy efficient homes and green initiatives.

The Society hope the mortgage products can offer people the opportunity to either buy their first homes or help them buy an affordable, sustainable next home.

Caroline Mitchell, Mortgage Distribution Manager at Monmouthshire Building Society, said: “We are pleased to work with both Wales & West Housing and Pobl Group to bring new products to the market place for green and sustainable initiatives. As a modern mutual we want to be able to support members to buy affordable energy efficient homes.”

For Pobl customers, the Society are working with the housing association to offer shared ownership buyers 95% and 85% LTV products at 2 and 5 year fixed rates. The products will be available through specific mortgage brokers for Pobl buyers.

Pam Bickel, Head of Sales at Pobl Group, said: “We’re delighted to be working with Monmouthshire Building Society to offer these exclusive products to our customers. Shared ownership offers an alternative way to purchase a new home that has so many advantages. These products will enable buyers to put down less of a deposit, and the mortgage and rent combined is comparable to the rent they might have paid in the private rented sector. It’s great to see Monmouthshire Building Society offering such a wide range of products to help people onto the ladder.”

Wales & West Housing buyers will be supported through their Own Home Cymru initiative which offers buyers homes at 70% of the open market value. Under the initiative, buyers own the property outright with Wales & West Housing holding legal charge on the remaining 30% equity share, meaning buyers only need to raise a mortgage for the 70% and no interest or rent would be payable on the remaining 30%.

Matthew Owens, Head of Commercial Development Wales & West Housing:  “We are grateful for the support provided by Monmouthshire Building Society for our discounted sale product ‘Own Home Cymru’. The mortgage products that they offer will make it easier for first time buyers to get on the property ladder by significantly reducing the upfront costs of entering into home ownership.

“We look forward to working with Monmouthshire Building Society over the next few years, helping to provide support for first time buyers in Wales.”

Monmouthshire Building Society is a regional building society and has been supporting customers onto the housing ladder for over 150 years.