Monmouthshire Building Society is collaborating with Pobl Group and Wales & West Housing to offer mortgage products to aid homebuyers in South Wales.
- These tailored mortgage products are available for energy-efficient properties with an EPC rating of A or B.
- The partnership aims to make home ownership more accessible by offering affordable options for first-time buyers and those seeking sustainable homes.
- Shared Ownership buyers at Pobl can access 95% and 85% loan-to-value products at fixed rates, easing the deposit burden.
- Wales & West Housing provides a unique opportunity through its Own Home Cymru initiative, further reducing buying costs.
Monmouthshire Building Society has entered into a strategic partnership with Pobl Group and Wales & West Housing to facilitate affordable housing solutions in South Wales. The focus of this collaboration is to offer exclusive mortgage products for homes that are energy-efficient, promoting sustainability and affordability for prospective homeowners. With an emphasis on properties boasting an Energy Performance Certificate (EPC) rating of A or B, the initiative is part of a broader commitment to support the transition to greener housing solutions.
The partnership offers unique opportunities for first-time homebuyers and those looking to purchase a sustainable property. Specifically, Shared Ownership buyers associated with Pobl Group can benefit from mortgage products offering 95% and 85% loan-to-value ratios. These come with an option for either a two-year or five-year fixed rate, significantly easing the upfront financial requirements traditionally associated with purchasing a home. This step is set to make the dream of home ownership a reality for many who might otherwise struggle with large deposit demands.
Wales & West Housing’s participation introduces a distinctive product through the Own Home Cymru initiative, enabling buyers to purchase homes at 70% of the open market value. Under this scheme, the buyer gains outright ownership while Wales & West Housing retains legal charge over the remaining 30% equity. This arrangement requires buyers to only secure a mortgage for the 70% with no interest or rent payable on the remaining share. Such financial innovation substantially reduces the barriers to entry for first-time buyers, facilitating a smoother transition into home ownership.
Caroline Mitchell, representing Monmouthshire Building Society, expressed enthusiasm about this collaboration, highlighting its alignment with the society’s modern mutual ethos aimed at supporting members’ needs for affordable, energy-efficient homes. Similarly, Pam Bickel of Pobl Group noted the advantages of Shared Ownership as a viable alternative for homebuyers, particularly those transitioning from the private rented sector. The combined cost of mortgage and rent under this scheme is comparable to traditional renting, providing a financially attractive proposition.
Matthew Owens of Wales & West Housing acknowledged the critical support from Monmouthshire Building Society, which enhances the accessibility of their discounted sale product Own Home Cymru. Owens anticipates this collaboration will continue to evolve, offering vital assistance to first-time buyers across Wales, thereby strengthening the housing market’s resilience.
This innovative partnership marks a significant step towards accessible and sustainable home ownership in South Wales.
