Monmouthshire Building Society and new builds

welshwizard1927

Anyone know what their maximum LTV is for new builds? Their website is silent. I'm going to try and ring tonight but just wanted to get an idea in advance.

droiderm

I can't see anything either.
They tend to be 80-90% for houses. Flats are a bit lower.
I assume you have a 10% deposit?
How you considered NewBuy?

welshwizard1927

Newbuy not available in Wales, despite the Welsh Government having the funds (but that's another story).

We have a 10% deposit but are looking at our options (I.e. whether to save further and continue to waste money on paying rent or take the plunge now).

droiderm

I am no expert, but during my research Nottingham BS does 90% on new build houses IIRC. There maybe many more.

droiderm

Just another point - paying rent isn't always considered a waste of money. Especially when buying a new build. You could end up in 5 years with not much to show for your deposit/mortgage payments assuming a new build loses money.

If your happy to stay and aren't going to feel stuck at any point (high LTV in 5 or so years) then I wouldn't worry too much.

But - I am all for having a place to call your own.