The Monmouthshire Building Society has launched two new mortgage products aimed at first-time buyers.

The Society has a first-time buyer campaign for those in South Wales and the South West of England and is focused on guiding would-be home-owners through the often complex process of buying their first home.

The new house purchase product range offers a fixed or discount interest rate and up to 95% loan to value (LTV) in the Society’s local lending area.

The Monmouthshire has launched a two-year fixed rate house purchase mortgage at 3.39% with a maximum LTV of 95% which is also only available in the Society’s local lending area. This mortgage product has no product fee, although a £150 application fee applies.

The Society’s two year discount house purchase mortgage at 3.55%, with a maximum LTV of 95% is available for house purchase across the Society’s local lending area which is defined as NP, CF, SA, LD, BS, GL, HR & WR only. The product comes with no product fee and a £150 application fee and is ideal for those who may be finding it difficult to save up for a larger deposit.

Colin Strong, head of lending procurement at the mutual, said: “Our new campaign to support first time buyers is part of the Society’s strategy to get back to our roots as the mortgage provider of choice within our core territory. In contrast to many of our competitors, our face-to-face, personal level of service ensures that we can go that extra mile in making the process go as smoothly as possible from start to finish.

“The introduction of these new competitive fixed rate and discount products, which complement our existing range which includes a Help to Buy – Wales mortgage product, clearly demonstrates our pledge to support first time buyers and we look forward to supporting as many people as possible in their goal to own their very first home.”