New Range of 2 Year Mortgage Products Launched

2 December 2016
5_Year_Fixed

Monmouthshire Building Society has launched a new range of two year purchase and remortgage products.

The house purchase product range offers both fixed and discount interest rates and up to 95% Loan to Value (LTV) in the Society’s local geographical area*.

The Society’s two year discount rate house purchase mortgage at 3.75% is available with a maximum LTV of 95% in the Society’s local geographical area*. This product is ideal for first-time buyers or home movers who may be finding it difficult to save up for a larger deposit. This mortgage has no product fee and also benefits from £500 cashback which is payable within one month of completion of the mortgage. There is also a £150 application fee.

For those with a low deposit looking to tie themselves in to a fixed rate deal, the Society offers a 2 year fixed rate purchase product at 3.94% which also offers £500 cashback payable within one month of completion of the mortgage. This product also comes with a £150 application fee.

The new range also includes a two year discount rate house purchase mortgage at 1.75%, with a maximum LTV of 80%. The product is available for house purchase across England and Wales and comes with one free standard valuation (on properties up to £1million in value), a £995 product fee which can be added to the loan and a £150 application fee.

For those customers looking to switch their mortgage from another lender, the Society has launched new two year fixed and discount rate remortgage products, including a fixed rate product at 1.95% with an 80% LTV which is available throughout England and Wales. The product comes with a £995 product fee, one free standard valuation (on properties up to £1million in value) and free legal fees**.

The remortgage range also includes a two year discount rate remortgage product at 2.20% with a maximum LTV of 80% which is available throughout England and Wales. This product has no product fee, one free standard valuation (on properties up to £1million in value) and free legal fees.

Colin Strong, Head of Lending Procurement, commented: “I’m pleased to see the launch of this suite of fixed rate and discount rate products, which have been created with the varying needs of our customers in mind. Following feedback from our mortgage advisers, we’ve pledged to offer a range of options, particularly for first time buyers, so they can choose the right mortgage for their requirements.”

He continued: “Many of the products benefit from free legal fees and one free standard valuation, and the £500 cashback for our two 95% LTV products are certain to be a hit for buyers.”

Further information about the product range including full terms and conditions, can be found here.

Geographic Restrictions
* The Society's local geographical area is defined as postcode areas: NP, CF, SA, LD, WR, GL, HR and BS. See individual product information for full terms and conditions.

Legal Fees
** You will not have to pay the usual legal fees if the Society’s appointed solicitors are used. Our solicitors act 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).

Eligibility
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.

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

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