Monmouthshire Building Society has joined the Help to Buy scheme in Wales.
It is offering two different mortgage products for aspirant first-time buyers. The first is a three-year fixed rate mortgage with an interest rate of 2.95 per cent, while the second is a three-year discount, currently at 2.75 per cent. Both products come with a £99 fee that can be added to the loan.
Chief executive of Monmouthshire Building Society Andrew Lewis said it was proud of the support it is able to offer homebuyers throughout Wales to enable them to purchase their first property.
Mr Lewis added that the introduction of these new mortgage products affirms Monmouthshire’s position as a “dynamic and approachable provider of competitive mortgage loans”.
The Help to Buy scheme in Wales is very similar to the one in England, in that its mortgages are available with a deposit as low as five per cent. However, the maximum purchase price is only £300,000 in comparison to England’s £600,000 limit. The Bank of England recently denied speculation it was planning to lower the limit to nearer £400,000.