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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
1.95% Discount Rate Switch - 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:


(2.79% discount (for 2 years). The interest rate will not go below a floor rate of 1.20%)

Month 25 onwards

Standard Variable Rate, Currently:


Overall cost for comparison 4.4% 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 10% 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 life of the product. Regular overpayments are amounts collected with, and in addition to, your monthly mortgage payments. You can make capital repayments during the life of the product of up to 10% of the amount borrowed / balance outstanding when the product was taken out without incurring an Early Repayment Charge. However, any additional amount repaid above the annual 10% permitted will be subject to an Early Repayment Charge. Following receipt of a lump sum payment, the amount of capital you owe will reduce (or 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.
  • If you move house during the discount period you may be able to transfer these product terms, up to the amount of this loan. You can only transfer these terms if you occupy the new property and it is within England and Wales. The loan to value must be no greater than 85%. The new loan must complete at the same time you redeem this loan and you must still meet the Society’s lending criteria at that time.
  • 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 £343,836.50 payable over 27 years and 6 months initially on a variable discount rate for 2 years at 1.95% and then on our current standard variable rate of 4.74% for the remaining 25 years and 6 months, would require 24 monthly payments of £1,346.97 and 306 monthly payments of £1,829.61.

The total amount payable would be £592,312.94 made up of the loan amount plus interest (£248,351.44) and Mortgage Exit Fees (£125.00).

The overall cost for comparison is 4.4% APRC representative.