Monmouthshire Building Society has joined forces with two South Wales housing associations to facilitate the purchase of more affordable homes.
- The collaboration offers exclusive mortgage products to buyers through the Pobl Group and Wales & West Housing.
- Mortgage products are tailored to homes with high Energy Performance Certificate ratings, promoting sustainability.
- Shared Ownership and Own Home Cymru are key initiatives to make home ownership accessible.
- These initiatives significantly reduce upfront costs for first-time buyers, aiding their entry into the housing market.
Monmouthshire Building Society is actively partnering with two housing associations in South Wales to support potential homebuyers in securing affordable housing. This collaboration with Pobl Group and Wales & West Housing introduces exclusive mortgage products designed to offer financial efficiency for buyers aiming to purchase energy-efficient homes.
The initiative is built upon the provision of mortgage products limited to homes with valid Energy Performance Certificate (EPC) ratings of A and B, encouraging the purchase of sustainable properties. These products are meant to either assist individuals in buying their first home or transitioning to a more affordable, sustainable house.
Monmouthshire Building Society’s mortgage distribution manager, Caroline Mitchell, remarked on the partnership’s focus on green and sustainable initiatives, affirming their role as a modern financial mutual committed to supporting the purchase of affordable, energy-efficient homes.
For buyers linked with the Pobl Group, there are options for Shared Ownership mortgages with 95% and 85% loan-to-value (LTV) at fixed rates for two and five-year terms. These products are intended to alleviate the initial deposit requirements, ensuring an affordable entry to home ownership comparable to private rental costs.
Head of sales at Pobl Group, Pam Bickel, highlighted the advantages of Shared Ownership schemes, including the ability for buyers to leverage lower deposits while managing mortgage and rent payments similar to those in the private rented sector.
In parallel, the Wales & West Housing’s Own Home Cymru programme is pioneering the provision of homes to buyers at 70% of the open market value, with legal hold on the remaining 30%. This initiative removes the burden of interest or additional rent on the 30%, making the step into homeownership more attainable.
Matthew Owens, heading commercial development at Wales & West Housing, expressed gratitude for the support from Monmouthshire Building Society, noting that the new mortgage products would significantly ease the financial load for first-time buyers by cutting down initial costs.
This strategic partnership marks an important step in making the housing market more accessible to first-time buyers by reducing the financial barriers traditionally associated with purchasing homes.
The collaboration between Monmouthshire Building Society and the housing associations is a strategic measure towards facilitating affordable and sustainable home ownership in Wales.
