The Monmouthshire Building Society has launched a range of Family Assist mortgage products featuring £1,000 cashback on selected products.
The Family Assist mortgage products allow parents, grandparents, aunts, uncles and other relatives to support first time buyers with house purchases by allowing them to join in the mortgage.
Up to four applicants are permitted on the mortgage, with the highest two earners used for affordability purposes, and income multiples of up to 4.5 times annual income will be considered.
The Society has also extended the geographical area in which 5% deposit mortgages will be considered. The Society’s 95% loan to value (LTV) mortgage products will now be offered to customers living in postcode areas NP, CF, SA, LD, WR, GL, HR, BS, BA, SN, RG, OX, SY and TA.
The new range of Family Assist mortgage products includes a two-year fixed rate purchase product at 3.95% which features £1,000 cashback which will be provided to the home owner upon completion in the form of a cheque or BACS transfer. A 3% early repayment charge applies, and the product comes with no product fee and a £150 application fee.
The Society also offers a two-year fixed rate Family Assist mortgage product which is available at 3.45%. An early repayment charge of 3% applies, while this product comes with no product fee and a £150 application fee.
Colin Strong, head of broker sales, said: “The Society is pleased to launch these new Family Assist mortgage products at a time of fierce competition in the housing market and prices which are often out of reach of first time buyers.
“Having family members’ income taken into account provides an ideal solution for those who can afford a mortgage but might otherwise struggle to meet the income multiples required to buy the home of their dreams.
“With our low deposit range, Help to Buy: Wales specific products and a number of savings accounts aimed at future home buyers, this launch further demonstrates our commitment to remaining a dynamic and approachable provider of mortgage products for first time buyers.”