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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
4.24% Discount Mortgage - Max LTV 95%*
This mortgage product offers a variable interest rate that is discounted below our Standard Variable Rate for the first 5 years. At the end of the discount 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 1-60

Initial Variable Rate, Currently:


(1.00% discount)

Month 61 onwards

Standard Variable Rate, Currently:


Overall cost for comparison 5.0% APRC

Interest Rates are variable. All discounts are off our Standard Variable Rate. If our Standard Variable Rate changes, your monthly repayments could go up or down.

Product Fee

No Product Fee

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.


Regular overpayments will be permitted without an early repayment charge. Regular overpayments are amounts collected with, and in addition to, your monthly mortgage payments. You may make capital repayments without an early repayment charge. Following receipt of a lump sum payment, the amount that you owe, and so the amount of interest you pay, is reduced immediately.

Loan Size

£40,000 to £500,000

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.
  • If you move house during the discount 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 and it is within England and 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.
  • For loans greater than £500,000 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.


  • If you are moving house and wish to retain your existing mortgage product and 'top-up' your mortgage with a non ERC discounted variable interest rate product.
  • If you are borrowing additional mortgage funds and do not want an ERC.
  • If you are keeping the mortgage with the Society and wish to move on to a non ERC product.
  • If you have less than 2 years left on your mortgage term and require a discounted variable interest rate product.

Representative Example

A mortgage of £124,322 payable over 28 years and 2 months initially on a fixed rate 5 years at 4.25% and then on our current variable rate of 5.24% for the remaining 23 years and 2 months would require 60 monthly payments of £630.74 and 278 monthly payments of £693.69.

The total amount payable would be £230,815.22 made up of the loan amount plus interest (£106,368.22) and mortgage exit fees (£125).

The overall cost for comparison is 5.0% APRC representative.