2 Year Fixed Rate Mortgage Help to Buy - Wales - F363

help to buy - Wales

This product is to be used in conjunction with the Help to Buy - Wales Scheme.

Help to Buy - Wales allows eligible purchasers to buy new-build homes with assistance from the Welsh Government in the form of a shared equity loan. This scheme can be offered to both first-time buyers and existing home-owners wishing to purchase a new-build property worth up to £300,000.

The interest rate for this product is fixed for two years, this means you can plan your finances with more certainty. At the end of the fixed rate period the interest rate will revert to our Standard Variable Rate.

Your home may be repossessed if you do not keep up repayments on your mortgage. Think carefully before securing other debts against your home.

Interest Rates:

For House Purchase

Period of loan Rate Payable Additional Information
Months 1-24 2.25% Fixed Rate £995 Product Fee (Can be added to the loan)
Month 25 onwards Standard Variable Rate Currently 4.99%
The overall cost for comparison is: 4.6% APRC

Product Code: F363

Key Features:

Product Fee £995
Maximum Loan to Value % 75%
Loan Size £30,000 to £225,000
Repayment Type Repayment Only.
Overpayments Regular overpayments are not permitted during the first 2 years from completion. Regular overpayments are amounts collected with, and in addition to, your monthly mortgage payments. 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. However, during the first 2 years any additional amount repaid above the 10% permitted will be subject to an Early Repayment Charge of 3% of the amount repaid. Following receipt of a lump sum payment, the amount that you owe, and so the amount of interest you pay, is reduced immediately.
Application Fee £150

Further Information:

  • †Applicants will need to demonstrate that they have a deposit of at least 5% in the property and up to 20% under a Help to Buy Wales loan.
  • New Build Properties only.
  • Only available in Wales.
  • Houses Only.
  • This product is only available to those using the Help-to-Buy Wales Scheme and only for new build homes in Wales. For more information on the Help-to-Buy Wales Scheme, visit www.helptobuywales.co.uk.
  • Mortgage interest is calculated on a daily basis.
  • Our Tariff of Mortgage Charges gives details of the charges payable in connection with mortgage applications and additional administration following completion of your loan.
  • Further Loans will only be available for the purchase of additional equity.
  • 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.

Representative example:

A mortgage of £170,123 payable over 21 years and 7 months initially on a fixed rate for 2 years at 2.25% and then on our current variable rate of 4.99% for the remaining 19 years and 7 months would require 24 monthly payments of £1,052.11

The total amount payable would be £269,042.05 made up of the loan amount plus interest (£97,038.05), product fee (£995), valuation fee (£336), application fee (£150), legal costs (estimated £250), funds transfer fee (£25) and mortgage exit fees (£125).

The overall cost for comparison is 4.6% APRC representative.

Info documentView the Help To Buy - Wales Buyers Guide from the Welsh Government.

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 by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Financial Services Register Number: 206052.


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