2 Year Discount Remortgage
This remortgage package offers lower monthly payments during the first 2 years and has no arrangement fee, a free valuation and free legal fees. At the end of the discount period interest will revert to our Standard Variable Rate for the remainder of the life of the mortgage.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
Interest Rates:
Remortgages only
| Period of loan | Rate Payable | Additional Information |
|---|---|---|
| Months 1 - 24 (1.75% discount) | 3.24% Variable Rate | - No product fee - Free standard valuation fee **Free legal fees. |
| Month 25 onwards (no discount) | 4.99% Standard Variable Rate | |
| The overall cost for comparison is: | 4.8% APR |
Interest rates are variable. All discounts are off our standard variable rate currently 4.99%.
Product Code: DO60
Key Features:
| Product Fee | None |
| Maximum Loan to Value % | The maximum loan to value is 80%. |
| Loan Size | £30,000 to £400,000 |
| Repayment Type | Capital & Interest, and Interest-Only. If the loan exceeds 65% of the value or the purchase price of the property (whichever is the lower), the loan above 65% must proceed on a Capital & Interest basis. |
| Early Repayment Charge | During the first 2 years an early repayment charge of 2% of the amount repaid will be incurred. After this period no early repayment charges apply. |
| Valuation Fees | None |
| Legal Fees | None** |
| Overpayments | Regular overpayments are not permitted during the first 2 years from completion. You may make capital repayments of up to 10% of the original sum borrowed in each of the first 2 years without an early repayment charge. Following receipt of a lump sum payment, the amount that you owe, and so the amount of interest you pay, is reduced immediately. |
Further Information:
- For Remortgages, the maximum Loan to Value is the amount of a mortgage loan expressed as a percentage of the value of the property against which the loan will be secured.
- **You will not have to pay the usual legal fees in securing your new mortgage if our appointed solicitors are used. Our solicitor acts for the Society only to ensure we have good legal claim over your property. (You will have to pay for any additional legal work that the solicitors do which is beyond the usual scope of a simple remortgage†).
† for example, change of your name, transfers of equity, deeds of postponement, merger of freehold and leasehold, remedy of any title defect, etc. - If you move house, these terms can be transferred to any new loan, up to the amount of this loan, provided it is secured on land in Wales or England, used for owner occupation and completes at the same time as redemption of this loan. You must also meet the Society's lending criteria at the time. If however, your new loan is for less than the amount of your existing loan, an early repayment charge would be payable on the difference.
- Our remortgage products are available to new borrowers who are looking to switch their mortgage from another lender.
- For loans greater than £400,000 please contact us.
- Mortgage interest is calculated on a daily basis.
- Loans available to persons aged 18 or over and are subject to status and valuation of a suitable property, over which security will be required. All lending will be subject to appraisal of the financial standing of the applicants.
Links to further important information and details of how to apply can be found on the top right-hand-side of this page.
Monmouthshire House, John Frost Square, Newport, NP20 1PX
Tel: 01633 844444
Fax: 01633 844445
Monmouthshire Building Society is authorised and regulated by the Financial Services Authority (FSA), registration number 206052
