5 Year Discount Existing Borrowers (up to 95% LTV*) - D228

This mortgage package offers lower monthly payments during the first 5 years. At the end of the discount period interest will revert to our Standard Variable Rate for the remainder of the life of the mortgage.

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 & Rate Switch

Period of loan Rate Payable Additional Information
Months 1-60 (1% discount) Variable Rate Currently 3.99% No Product Fee
Month 61 onwards (no discount) Standard Variable Rate Currently 4.99%
The overall cost for comparison is: 4.7% APRC

Interest rates are variable. All discounts are off our standard variable rate currently 4.99%.  

Product Code: D228

Key Features:

Maximum Loan to Value % The maximum loan to value is 95%*
Loan Size £30,000 to £500,000
Repayment Type Interest Only, Repayment or Mixed Interest-Only/Repayment.
Early Repayment Charge No ERC
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 2% 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.

Further Information:

  • *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.
  • **Our core lending area is defined as postcode areas: NP, CF, SA, LD, WR, GL, HR, BS, BA, SN, RG, OX, SY and TA.
  • If you move house during the discount 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 our core lending area of NP, CF, SA, LD, WR, GL, HR, BS, BA, SN, RG, OX, SY and TA for loans up to 90% loan to value or England & Wales for loans up to 80% loan to value. 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.
  • For loans greater than £500,000 please contact us.
  • 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.
  • 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.

Eligibility:

  • If you are moving house and wish to retain your existing mortgage product and 'top-up' your mortgage with a non ERC discounted variable interest rate product.
  • If you are borrowing additional mortgage funds and do not want an ERC.
  • If you are keeping the mortgage with the Society and wish to move on to a non ERC product.
  • If you have less than 2 years left on your mortgage term and require a discounted variable interest rate product.

Representative example:

A mortgage of £124,322 payable over 28 years and 2 months initially on a fixed rate 5 years at 3.99% and then on our current variable rate of 4.99% for the remaining 23 years and 2 months would require 60 monthly payments of £612.98 and 278 monthly payments of £674.87.

The total amount payable would be £224,517.66 made up of the loan amount plus interest (£100,070.66) and mortgage exit fees (£125).

The overall cost for comparison is 4.7% APRC representative.


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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