Savings
Whether you’re looking for instant access, annual bonuses or tax-free savings, we have an account that will help you achieve your savings goals.
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Mortgages
Whether you’re looking to buy your first home, move somewhere bigger, or simply get a better deal, we can offer a mortgage that suits you.
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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
Telephone
01633 844 351
2.10% Fixed Buy to Let Mortgage - Max LTV 75%*
This Buy-to-Let mortgage allows you to purchase a residential property to let.
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 Fixed Rate, Currently:

2.10%

Month 25 onwards

Standard Variable Rate, Currently:

4.99%

Overall cost for comparison 4.7% APRC

Interest Rates are variable. All discounts are off our Standard Variable Rate. 

Product Fee

£995 (can be added to the loan)

Loan Size

£30,000 to £350,000

Repayment Type

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

Early Repayment Charge (ERC)

During the first 2 years an early repayment charge of 3% of the amount repaid will be incurred. After this period no early repayment charges apply.

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 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 3% 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
  • *For Purchase 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. Maximum Loan to value for new build flats/apartments less than 3 years old is 65%. No exceptions allowed.
  • 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 buy a property in order to let it.
  • 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. The applicant (or one of the applicants in the case of a joint application) 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:

  • Flats above shops or other commercial properties
  • Right to Buy’ council homes
  • Maximum LTV for new build flats/apartments less than 3 years old is 65%. No exceptions allowed.
  • 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 £93,366 payable over 20 years and 4 months initially on a fixed rate for 2 years at 2.10% and then on our current variable rate of 4.99% for the remaining 18 years and 4 months would require 24 monthly payments of £470.47 and 220 monthly payments of £596.30.

The total amount payable would be £144,214.28 made up of the loan amount plus interest (£49,111.28), product fee (£995), valuation fee (£192), application fee (£150), legal costs (estimated £250), funds transfer fee (£25) and mortgage exit fees (£125).

The overall cost for comparison is 4.7% APRC representative.