Monmouthshire re-enters residential 90% LTV market

Jessica Bird

June 15, 2020

Monmouthshire Building Society

Monmouthshire Building Society (MBS) has re-entered the residential purchase and remortgage 90% loan-to-value (LTV) market. 

The building society is offering a 2-year fixed-rate residential purchase mortgage at 2.79%, with a maximum LTV of 90%.

One free standard valuation is included up to £1m, along with no product fee.

This product comes with an early repayment charge (ERC) of 3%.

The society is also offering a 5-year fixed-rate residential purchase mortgage at 2.99% with a maximum LTV of 90%.

This includes a free standard valuation up to £1 million, along with no product fee.

During the fixed period, there is an ERC of 5% within the first year, then 4% in the second year, 3% in the third and 2% for the final two years.

Both of these products are available for house purchase throughout England and Wales, with a minimum loan size of £40,000 and Maximum loan size of £750,000.

The Society expects the 90% mortgages to be very popular and therefore these could be withdrawn at short notice.

Dan Goulding, product development manager, said: “We want to assist new and existing members the best we possibly can during these challenging times.

“We know from broker feedback, that the lockdown has provided people with more time to think about their living arrangements, and we feel this extended range will help first time buyers and also people who already have a mortgage.”

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