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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
3.49% Fixed Rate Holiday Let Rate Switch - Max LTV 75%
The interest rate for this product is fixed for two years, this means you can plan your finances with more certainty. 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 4.6% APRC


Product Fee

No Product Fee

Loan Size

No minimum loan size.

Maximum loan size of £1,000,000 for any single property or £3 million aggregate.

Repayment Type

Mixed Repayment/Interest only mortgages will be considered. For new borrowers the interest only element cannot exceed 75% 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 repaid above the 10% permitted will be subject to an Early Repayment Charge of 3% of the amount repaid.


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 10% 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 10% 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
  • 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 holiday 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 between the amount of this loan and the amount transferred. All loans must be secured on a residential property within Wales & England. 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 3.49% 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 £1,417.03 and 214 monthly payments of £1,563.17.

The total amount payable would be £368,652.10 made up of the loan amount plus interest (£125,392.39) and Mortgage Exit Fees (£125.00).

The overall cost for comparison is 4.6% APRC representative.