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We use Genworth's private mortgage insurance to increase first-time buyers.
Genworth, the UK mortgage insurance company for creditors, today announces that its customer, the Monmouthshire Building Society, the Welsh chapter reciprocal, has significantly increased the number of first-time purchaser credits it offers to creditors through the use of private mortgage insurance. Breaking the year down into quaterly action, Monmouthshire Building Society's First-Timer Buyers Loan numbers were 26 per cent up in the 2015 fourth one on the same three-month timeframe the year before, while numbers for two quarters were near 10 per cent up on two quarters in 2014.
It also participates in the programme Help to Buy - Wales. Mr Patrick Bamford, Business Development Director for Mortgage Insurance Europe at Genworth, said: The absence of a new residential offering means that pricing will stay high and should continue to develop so well in the foreseeable future, which is why small margin borrower need creditors who are willing and able to provide low margin product in this area.
While the government's Help to Buy program has certainly worked, it must be focused on the long-term use of private insurance, especially when we know that Help to Buy 2 will expire at the end of next year. "The Monmouthshire Building Society is proud of the assistance it can provide to its first-time purchasers who want to fulfil their dreams of owning their own homes.