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About Us
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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Get in touch
01633 844 351
2.20% Discount Mortgage - 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.
If you fail to keep up with payments on your mortgage a 'receiver of rent' may be appointed and/or your rental property may be repossessed.
Interest Rates
Period of Loan Rate Payable
Months 1-24

Initial Variable Rate, Currently:


(3.04% 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

£40,000 to £1,000,000

Repayment Type

Interest Only, Repayment or Mixed Interest-Only/Repayment.

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 2% of the amount repaid in year 1 and 1% of the amount repaid in year 2. Following receipt of the lump sum payment, the amount that you owe, and so the interest you pay, is reduced immediately.



Valuation Fees

One Free Standard Valuation (On Properties up to £1 Million in Value)

Legal Fees

Assisted Legal Fees***


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 loan amount 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 3% of the amount repaid in years 1 & 2. 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
  • For Remortgage 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. 
  • **£250 cashback will be provided to the home owner upon completion in the form of a cheque or BACS transfer.
  • ***As this is a ‘fees assisted’ remortgage we will pay the law firm’s basic professional fees in connection with the remortgage.  There will be additional costs that you will need to pay, e.g. telegraphic transfer fee.  Where any non-standard work is required to complete the conveyance these costs must also be met by you, examples of chargeable fee include change of name, transfer of equity, deed of postponement, merger of freehold/leasehold, remedy of title defect, satisfying special conditions, etc.
  • Please note that our current Buy-to-Let products are ONLY available in our lending area of England and Wales.
  • This mortgage is available to people seeking to remortgage a Buy-to-Let property.
  • Rental income must be a least 45% more than the mortgage interest repayments (based on the initial rate payable plus 2% or 5.5%, whichever is greater). This stress test does not apply to CBTL as rent is not considered as income.
  • These terms may 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 3% is payable on the difference in the amount of this loan and the amount transferred. All loans must be secured on land within our lending area of England and Wales.
  • For multiple property applications there is a maximum loan size of £750,000. Portfolios above £750,000 will be considered on an individual basis.
  • For single named applications, the applicant’s income from either employment or self employment must be at least £25,000 per year. In the case of a joint application, the income of the main applicant (i.e. the highest earner) must be at least £25,000 per year. All applicants must be an existing home owner at the time of the application. 
  • Our Tariff of Mortgage Charges gives details of the charges payable in connection with mortgage applications and additional administration following completion of your loan.

Applications will not be considered in respect of:

  • 'Right to Buy’ council homes
  • Properties sold at auctions
  • Multiple or short-term lets – for instance to students or holiday lets
  • Limited company borrowers
  • Properties let to family members

Representative Example

A mortgage of £87,949.00 payable over 19 years and 10 months initially on a discount rate for 2 years at 2.20% and then on our current variable rate of 5.24% for the remaining 17 years and 10 months would require 24 monthly payments of £456.33 and 214 monthly payments of £581.23.

 The total amount payable would be £135,460.14 made up of the loan amount plus interest (£47,386.14), legal fees (estimated £250) and mortgage exit fees (£125).

The overall cost for comparison is 4.7% APRC representative.