5 Year Fixed Rate Switch Mortgage For Existing Borrowers Only (up to 95% LTV*) - F392

The interest rate for this product is fixed for five 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:

Rate Switch Only

Period of loan Rate Payable Additional Information
Months 1-60 3.84% Fixed Rate No Product Fee
Month 61 onwards Standard Variable Rate Currently 4.74%
The overall cost for comparison is: 4.5% APRC

Product Code: F392

Key Features:

Product Fee No Product Fee.
Maximum Loan to Value % The maximum loan to value is 95% within our core lending area**.
Loan Size Up to £400,000.
Repayment Type Repayment Only.
Early Repayment Charge During the first 5 years any additional amount repaid above the 10% permitted will be subject to an Early Repayment Charge of 5% of the amount repaid within the first year then 4% for the second year, 3% for the third year, then 2% for the final two years.
Overpayments • Regular overpayments are not permitted during the first 5 years from completion. Regular overpayments are amounts collected with, and in addition to, your monthly mortgage payments. •You may make make capital repayments of up to 10% of the mortgage balance in each of the first 5 years without an early repayment charge. • However, during the first 5 years any additional amount repaid above the 10% permitted will be subject to an Early Repayment Charge of 5% of the amount repaid within first year, then 4% for second year, 3% for third year, then 2% for final two years.

Further Information:

  • *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 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 fixed rate 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 95% Loan to Value or England and Wales for loans up to 80% Loan to Value. The new loan must complete at the same time you redeem this loan and must still meet the Society's lending criteria at that time. If you do not take out a new loan with the Society or the new loan is for less than this loan, an Early Repayment Charge will apply.
  • For loans greater than £400,000 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 the 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.

Representative example:

A mortgage of £97,245 payable over 28 years and 6 months initially on a fixed rate for 5 years at 3.84% and then on our current variable rate of 4.74%  for the remaining 23 years and 6 months would require 60 monthly payments of £468.18 and 282 monthly payments of £511.43.

The total amount payable would be £172,439.06 made up of the loan amount plus interest (£75,069.06) and mortgage exit fees (£125).

The overall cost for comparison is 4.5% 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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