“We hope the expansion will have a positive impact on the number of products available to IFA’s clients. This change will enable the society to continue its commitment to helping first-time buyers across England and Wales achieve their goal of getting on the property ladder.”
Fees/charges:
Either a £999 product fee or no product fee depending on the product chosen.
Adviser view:
Daniel Bailey, mortgage adviser at Middleton Finance, said: “The fee of £999 probably makes it one of the leading rates in the market for five-year fixed. Both rates are very competitive.
“I have clients who are going for two-year fixed because, by and large, they are cheaper than five-year fixed, but on the flip side, I also have clients thinking now is a good time to lock in a five-year period.
“I would think the Monmouthshire five-year fixed rates are very competitive and many applicants are applying for these. It looks like it is part of the market that Monmouthshire want to be in.”
Verdict:
As competitive as the rates are, borrowers need to weigh up is which of the two deals may be the most cost-effective given the customer's circumstances and a broker can help with that. Is it worth paying the fee or going for slightly higher rates and not paying the fee?
