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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 987 995
3.14% Discount Portfolio - Max LTV 75%
This mortgage product can be used for purchase and remortgage. It 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:

3.14%

(2.10% discount)

Month 25 onwards

Standard Variable Rate, Currently:

5.24%

Overall cost for comparison 5.1% 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

1% of loan amount

Loan Size

Minimum loan size: £40,000

Maximum loan for any single property: £1,000,000

Maximum combined loan for multiple properties: £3,000,000

Properties

For a minimum of 4 and a maximum of 20 rental/investment type properties (Buy-to-Let, Holiday Let, HMO and/or Multi Unit Freehold).

Repayment Type

Mixed Repayment/ Interest only mortgages will be considered.

Early Repayment Charge (ERC)

During the first 2 years an early repayment charge of 2% of the amount repaid will be incurred. After this period no early repayment charges apply.

Overpayments

Regular overpayments are not permitted during the life of the product. Regular overpayments are amounts collected with, and in addition to your monthly mortgage payments. You can make capital repayments each year during the life of the product of up 25% of the balance outstanding when the product was taken out, without incurring an Early Repayment Charge. However, any additional amount repaid above the annual 25% permitted will be subject to an Early Repayment Charge of 2% of the amount repaid in year 1 and 2% of the amount repaid in year 2. Following receipt of a lump sum payment, the amount of capital you owe will be re-calculated and the amount of interest you pay will be 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. With our portfolio range, the maximum Loan to Value can be assessed across the entire portfolio.
  • Whilst there is flexibility to add, remove and substitute properties within this portfolio, the product is not portable to another mortgage within the Society.  If a property is added, removed or substituted during the life of this mortgage, the entire portfolio will need to be reviewed and assessed at a cost of £150 administration fee. Any valuation or legal fees incurred will need to be paid by the applicant(s). If any borrowing takes the loan above the original mortgage advance a 1% product fee will apply, for the additional borrowing only.
  • For loans greater than £3,000,000 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 £200,000.00 payable over 20 years and 9 months initially on a discount rate for 2 years at 3.14% and then on our current variable rate of 5.24% for the remaining 18 years and 9 months, would require 24 monthly payments of £1,094.11 and 225 monthly payments of £1,299.05.

The total amount payable would be £321,234.89 made up of the loan amount plus interest (£118,544.89) and Telegraphic Transfer Fee, (£25.00), Valuation Fee (£290.00), 1% Product Fee (£2,000.00), Mortgage Exit Fees (£125.00), Legal Fees (£250.00 - this is an estimated amount and may change).

The overall cost for comparison is 5.1% APRC representative.