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About
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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Telephone
01633 844 351
1.90% Discount Mortgage - Max LTV 85%
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.

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
Period of Loan Rate Payable
Months 1-24

Initial Variable Rate, Currently:

1.90%

(2.84% discount)

Month 25 onwards

Standard Variable Rate, Currently:

4.74%

Overall cost for comparison 4.1% 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

No Product Fee

Loan Size

No Minimum Loan Size

Maximum Loan Size of £1,000,000

Repayment Type

Mixed Repayment/Interest only mortgages will be allowed but the interest only element cannot exceed 50% LTV. The latter only applies to new borrowers. Existing borrowers will be allowed to switch into a new product and port their interest only loan if they move house. If they wish to borrow more than their current interest only element this must be on a repayment basis. Where borrowers wish to continue with an interest-only loan Society staff must establish how they intend repaying this and where possible encourage those that are able to do so to convert all or part to a repayment basis.

Early Repayment Charge (ERC)

You may make capital repayments without an Early Repayment Charge.

Overpayments

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 without an Early Repayment Charge. 

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 may be transferred to any new loan up to the amount of this loan, provided it is used for your own occupation, completes at the same time as redemption of this loan and you still meet the Society’s lending criteria at that time. All loans must be secured on a residential property within Wales & England. The loan to value must be no greater than 85%.
  • 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 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 £169,681.89 payable over 17 years and 6 months initially on a discount rate for 2 years at 1.9% and then on our current variable rate of 4.74% for the remaining 15 years and 6 months, would require 24 monthly payments of £950.40 and 186 monthly payments of £1,163.12.

The total amount payable would be £239,274.92 made up of the loan amount plus interest (£69,468.03) and Mortgage Exit Fees (£125.00).

The overall cost for comparison is 4.1% APRC representative.