Other Services
We offer Funeral Plans and Home Insurance through our partners
< !--Created with SVG-edit - https://svg-edit.googlecode.com/ --> Find out more
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.
< !--Created with SVG-edit - https://svg-edit.googlecode.com/ --> Find out more
Get in touch
01633 844 351
1.89% Fixed Buy-to-Let Rate Switch - Max LTV 75%
The interest rate for this product is fixed at 1.89% for 2 years. At the end of the fixed rate period the interest rate will revert to our Standard Variable Rate.


Interest Rates
Period of Loan Rate Payable
Months 1-24

Initial Fixed Rate, Currently:


Month 25 onwards

Standard Variable Rate, Currently:


Overall cost for comparison 4.2% APRC


Loan Size

No minimum loan size.

Maximum loan size £1,000,000 for any single property or £3,000,000 aggregate lending over a maximum of 3 properties.

Repayment Type

Mixed Repayment/Interest only mortgages will be considered. For new borrowers the interest only element cannot exceed 75% 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)

During the first 2 years any additional amount repaid above the 10% permitted will be subject to an Early Repayment Charge of 2% of the amount repaid in years 1 & 2.


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 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 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 purchase price or valuation, whichever is the lower.
  • 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% of the amount repaid in years 1 & 2 is payable on the difference in the amount of this loan and the amount transferred is payable on the difference between the amount of this loan and the amount transferred. All loans must be secured on a residential property within England & Wales. The loan to value must be no greater than 75%.
  • 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 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 £243,134.71 payable over 19 years and 10 months initially on a fixed rate for 2 years at 1.89% and then on our current standard variable rate of 4.74% for the remaining 17 years and 10 months, would require 24 monthly payments of £1,225.77 and 214 monthly payments of £1,542.53.

The total amount payable would be £359,644.90 made up of the loan amount plus interest (£116,385.19) and Mortgage Exit Fees (£125.00).

The overall cost for comparison is 4.2% APRC representative.