Mortgage News
Monmouthshire BS offers 95% LTV mortgage through brokers
Intermediaries will be able to offer clients Monmouthshire Building Society’s 95% loan-to-value mortgages from today as it attempts to compete with Help to Buy offerings.
The mutual has expanded its product distribution to brokers in the wake of deciding against participating in the Help to Buy mortgage guarantee scheme.
Monmouthshire business development manager Dan Goulding said: “We have a 95% LTV mortgage which we have had for a while but dealing directly with customers.
“Now the Help to Buy mortgage guarantee scheme has been launched our response is to open up our 95% LTV mortgage to intermediaries. Our products offer particularly good value for customers.”
Monmouthshire’s 95% LTV offering is available both to first-time buyers and home movers.
The mutual has decided to continue its relationship with its existing private insurer rather than take up the government guarantee. In doing so, it follows the example of Hanley Economic Building Society, which reaffirmed its decision to stay private last month.
£2.5m paid to help broker clients benefit from greener homes
Sponsored by Halifax Intermediaries
Goulding said: “The mortgage guarantee scheme has a limited life span. We have an established relationship with a private insurer which can continue as long as we want.”
The 95% LTV product is available in the eight postcodes surrounding the mutual’s head office, with four in England and four in Wales. The postcodes are NP, CF, SA, LD, BS, GL, HR and WR.