3 Year Fixed Rate Remortgage (up to 80% LTV*) - F213
This remortgage package offers a fixed rate of interest for the first three years and has no product fees, a free standard valuation (up to £1 million) and **free legal fees. At the end of the fixed rate period interest will revert to our Standard Variable Rate for the remainder of the mortgage term.
For Remortgages and Additional Borrowing
|Period of loan||Rate Payable||Additional Information|
|Months 1-36||3.30% Fixed Rate||No product fee|
|Month 37 onwards||Standard Variable Rate Currently 4.99%|
|The overall cost for comparison is:||4.6% APR|
Product Code: F213
|Maximum Loan to Value %||The maximum loan to value is 80% across England and Wales.|
|Loan Size||£30,000 to £500,000|
|Repayment Type||Mixed Repayment/ Interest only mortgages will be considered. For new borrowers the interest only element cannot exceed 50% LTV. Existing Society borrowers will be allowed to transfer their existing interest only loan if they move house but any additional borrowing must be on a repayment basis. All borrowers will be required to provide evidence of how they intend to repay interest only loans.|
|Early Repayment Charge||During the first 3 years an early repayment charge of 3% of the amount repaid will be incurred. After this period no early repayment charges apply.|
|Valuation Fees||Free Standard Valuation up to £1 Million.|
|Overpayments||•Regular overpayments are not permitted during the first 3 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 3 years without an early repayment charge. •However, during the first 3 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.|
- *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 during the fixed period you may be able to transfer these product terms, up to the amount of this loan. You can only transfer these terms if you occupy the new property and it is within England or Wales. The new loan must complete at the same time you redeem this loan and you must still meet the Society’s lending criteria at that time. An Early Repayment Charge will apply if you do not take out a new loan with the Society; the new loan does not meet the criteria for this product; or the new loan is for less than this loan.
- Our remortgage products are available to new borrowers who are looking to switch their mortgage from another lender.
- For loans greater than £500,000 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.
- Up to £30,000 can be raised for the purpose of Home Improvements, purchase of freehold/extension of lease and purchase of land adjacent to the property being remortgaged.
- Up to £25,000 can be raised for the purpose of capital raising. Please note that this is not available for credit impaired borrowers.
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.