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Established in Newport in 1869 to help local people build homes, we now help people across Wales and England buy properties and save for their future.
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01633 844 351
2.30% Discount Rate Switch - Max LTV 75%
This mortgage product offers a variable interest rate that is discounted below our Standard Variable Rate for the first 2 years. At the end of the discount period interest will revert to our Standard Variable Rate.


Interest Rates
Period of Loan Rate Payable
Months 1-24

Initial Variable Rate, Currently:


(2.94% discount)

Month 25 onwards

Standard Variable Rate, Currently:


Overall cost for comparison 4.7% APRC

Interest Rates are variable. All discounts are off our Standard Variable Rate. If our Standard Variable Rate changes, your monthly repayments could go up or down.

Product Fee

No Product Fee

Loan Size

No minimum loan size.

Maximum loan size of £1,000,000 for any single property.

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 (ERC)

During the first 2 years any additional amount paid above the 5% permitted will be subject to an Early Repayment Charge of 1% of the amount repaid. Following receipt of the lump sum payment, the amount that you owe, and so the interest you pay, is reduced immediately. 


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 5% 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 5% permitted will be subject to an Early Repayment Charge of 1% 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.
  • These terms can be transferred to any new loan up to the amount of this loan, provided it is used for Buy to Let purposes, completes at the same time as redemption of this loan and you still meet the Society’s lending criteria at that time. If the new loan is for less than this loan or you do not transfer these terms, an early repayment charge calculated at 1% is payable on the difference in the amount of this loan and the amount transferred. All loans must be secured on a residential property within Wales & England. The loan to value must be no greater than 75%.
  • For loans greater than £1,000,000 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 21 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 £139,095.00 payable over 20 years and 9 months initially on a discount rate for 2 years at 2.30% and then on our current variable rate of 5.24% for the remaining 18 years and 9 months, would require 24 monthly payments of £703.00 and 225 monthly payments of £897.25.

The total amount payable would be £218,878.25 made up of the loan amount plus interest (£79,658.25), Mortgage Discharge & Sealing Fee (£75.00) and Despatch Of Title Deeds Fee (£50.00).

The overall cost for comparison is 4.7% APRC representative.