Monmouthshire BS launches Help to Buy ISA
Monmouthshire Building Society has launched a Help to Buy ISA account which is available to customers in the Society's local geographical area.
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The interest rate is currently set at 2.10%. Transfers-in of additional subscriptions from another ISA provider are not permitted to the Society's ISA unless it is a transfer-in from another Help to Buy ISA from another ISA provider.
The government will pay 25% of the account’s closing balance (up to a maximum of £3,000) directly to the buyer’s conveyancer when purchasing their new home. First time buyers can save up to £1,200 in the first calendar month of the ISA account opening and up to £200 per calendar month afterwards.
Andrew Lewis, Chief Executive, commented:
“Monmouthshire Building Society’s pledge to support first time buyers is part of our long-term vision for the future of the Society and its position within the mortgage market, so it’s particularly satisfying to launch a product with such obvious benefits for savers. With home ownership as popular as ever, the Help to Buy: ISA Scheme offers a unique opportunity to save for a deposit for a house, and I look forward to welcoming a new generation of members who may not have experienced the benefits of saving with a trusted mutual financial institution.”
