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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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5.40% Fixed Rate Residential Purchase - Help to Buy Wales - Max LTV 85%

This mortgage product offers a fixed interest rate for the first 3 years. At the end of the fixed period, the interest rate 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.

Period of Loan Rate Payable
Months 1 - 36 5.40%
Month 37 Onwards Standard Variable Rate, Currently: 
8.49%
Overall Cost For Comparison 7.6% APRC

 

F974

NIL

£150

85% LTV

£40,000 to £300,000

Capital Repayment mortgages ONLY. This is aligned to the accepted mortgage repayment types when purchasing with the support of the Help to Buy Wales Equity Loan Scheme. 

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.

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

  • 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.
  • Available in Wales only.
  • Our Help to Buy Wales purchase products are available to both new and existing borrowers who are looking to purchase a new build house, apartment or flat with the support of the Help to Buy Wales Equity Loan Scheme. 
  • If you move to a new home during the fixed period you are not able to transfer these product terms. You must meet the Society's lending criteria at this time. Early repayment charges will apply as you will be required to select a new mortgage product from our mortgage product range at this point.
  • Loans must not exceed £300,000, this is the maximum acceptable purchase price under the Help to Buy Wales Equity Loan Scheme.
  • 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.

Please refer to the Welsh Government website for further information and guidance on the Help to Buy Wales Equity Loan Scheme. 

Help to Buy – Wales | GOV.WALES 

Representative example: 

A mortgage of £244999.67 payable over 13 years initially on a fixed rate for 3 years at 5.40% and then on our current standard variable rate of 8.49% for the remaining 10 years, would require 36 monthly payments of £2189.12 and 120 monthly payments of £2542.04.

The total amount payable would be £384674.12 made up of the loan amount plus interest (£138,853.45) and Administration Fee (£150.00), Telegraphic Transfer Fee, payable to Monmouthshire Building Society on completion. (£11.00), Valuation Fee (£410.00), Legal Fees This is an estimated amount and may change. (£250.00).

The overall cost for comparison is 7.6% APRC representative.