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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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Get in touch
Telephone
01633 844 351
1.60% Fixed Rate Residential Mortgage - Max LTV 75%
This mortgage product offers a fixed interest rate for the first 2 years. At the end of the fixed 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 Fixed Rate, Currently:

1.60%

Month 25 onwards

Standard Variable Rate, Currently:

4.74%

Overall cost for comparison 4.3% APRC

 

Product Fee

£499

Loan Size

£40,000 to £1,000,000

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 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 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 purchase price or valuation, whichever is the lower.
  • Available in England and Wales.
  • If you move house during the fixed 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, the Loan to Value must be no greater than 75% and it is within England & Wales. 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. An Early Repayment Charge will apply if you do not take out a new loan with the Society; the new loan does not meet the criteria for this product; or the new loan is for less than this loan.
  • Our house purchase products are available to both new and existing borrowers who are looking to purchase a house.
  • 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 £190,498.00 payable over 22 years and 9 months initially on a fixed rate for 2 years at 1.60% and then on our current standard variable rate of 4.74% for the remaining 20 years and 9 months, would require 24 monthly payments of £832.94 and 249 monthly payments of £1,114.25.

The total amount payable would be £298,807.81 made up of the loan amount plus interest (£106,940.81) and Mortgage Exit Fees (£125.00), Product Fee (£499.00), Telegraphic Transfer Fee, (£25.00), Valuation Fee (£320.00), Administration Fee (£150.00), Legal Fees This is an estimated amount and may change. (£250.00).

The overall cost for comparison is 4.3% APRC representative.