3 Year Discount Mortgage (up to 90% LTV*) - D118
This mortgage offers lower monthly payments during the first 3 years, which is particularly helpful at a time of high expenditure such as a house move. The rate of interest is variable, however it is reduced for a specified period.
The discount given remains the same throughout the discount period. The interest charged will be at our Standard Variable Rate less the amount of the discount. At the end of the discount period, interest will revert to our Standard Variable Rate for the remainder of the life of the mortgage.
Also this product allows you to make lump sum and regular overpayments without an Early Repayment Charge, enabling you to reduce your mortgage loan quicker.
For House Purchase - No Early Repayment Charge
|Period of loan||Rate Payable||Additional Information|
|Months 1-36 (2.04% discount)||2.95% Variable Rate||£995 Product fee (Can be added to the Loan)|
|Month 37 onwards (no discount)||Standard Variable Rate Currently 4.99%|
|The overall cost for comparison is:||4.7% APR|
Interest rates are variable. All discounts are off our standard variable rate currently 4.99%.
Product Code: D118
|Product Fee||£995 Product fee|
|Maximum Loan to Value %||The maximum loan to value is 90% within our local area only**.|
|Loan Size||£40,000 to £475,000|
|Repayment Type||Repayment only.|
|Early Repayment Charge||None|
|Overpayments||• Regular overpayments will be permitted without an early repayment charge. Regular overpayments are amounts collected with, and in addition to, your monthly mortgage payments.• You may make capital repayments 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.|
- *For house purchase, the maximum Loan to Value is the amount of a mortgage loan expressed as a percentage of the purchase price or valuation, whichever is the lower.
- **Our local geographical area is defined as postcode areas: NP, CF, SA, LD, WR, GL, HR and BS.
- If you move house during the discounted period you are unable to transfer these product terms to another mortgage.
- Our house purchase products are available to both new and existing borrowers who are looking to move house.
- For loans greater than £475,000 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 by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Financial Services Register Number: 206052.