Monmouthshire Building Society is working to make home ownership more affordable in South Wales.
- The society has teamed up with Pobl Group and Wales & West Housing for this initiative.
- Exclusive mortgage products are on offer for energy-efficient homes with EPC ratings of A and B.
- Shared Ownership and other initiatives aim to lower upfront costs for buyers.
- First-time buyers will find new opportunities to enter the housing market.
Monmouthshire Building Society has partnered with two housing associations in South Wales, Pobl Group and Wales & West Housing, to offer exclusive mortgage products aimed at making home ownership more accessible and affordable. These products are specifically designed for properties boasting an Energy Performance Certificate (EPC) rating of A or B, underscoring a commitment to sustainable living.
Caroline Mitchell from Monmouthshire Building Society expressed the institution’s enthusiasm for this green initiative. She stated, ‘We are pleased to work with both Wales & West Housing and Pobl Group to bring new products to the market for green and sustainable initiatives.’ This reflects the society’s mission to support members in purchasing energy-efficient homes, making home buying not only cheaper but also eco-friendly.
For customers associated with Pobl Group, the initiative includes Shared Ownership products with options of 95% and 85% loan-to-value (LTV) at fixed rates over two or five years. These financial products, available through certain brokers, allow buyers to pay less upfront. Pam Bickel of Pobl Group highlighted benefits such as reduced deposits, stating the combined mortgage and rent often parallel private sector rents, making it a viable alternative for potential homeowners.
Wales & West Housing introduces an innovative solution through their Own Home Cymru initiative. Here, homes are available at 70% of the open market value, with the buyer holding full ownership but only requiring a mortgage for the 70% share. Wales & West Housing retains a legal charge on the remaining 30% equity, on which no interest or rent is due. This approach significantly reduces the cost barrier for first-time buyers, facilitating easier access to the property ladder.
Matthew Owens of Wales & West Housing emphasised that such mortgage products are setting a precedent by lowering the initial costs associated with buying a home, thus easing the path for first-time buyers. Owens remarked, ‘We are grateful for the support provided by Monmouthshire Building Society for our discounted sale product ‘Own Home Cymru’.’ This collaboration showcases a proactive step towards supporting affordable housing initiatives in Wales.
Monmouthshire Building Society’s partnership with housing associations in South Wales exemplifies a forward-thinking approach to affordable and sustainable home ownership.
