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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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Telephone
01633 844 351
3.35% Fixed Rate Holiday Let Purchase - Max LTV 75%
The interest rate for this product is fixed for five 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.

IF YOU FAIL TO KEEP UP WITH PAYMENTS ON YOUR MORTGAGE A ‘RECEIVER OF RENT’ MAY BE APPOINTED AND/OR YOUR PROPERTY MAY BE REPOSSESSED.

Interest Rates
Period of Loan Rate Payable
Months 1-60

3.35%

Month 60 onwards

Standard Variable Rate, Currently:

5.24%

Overall cost for comparison 4.5% APRC

 

Loan Size

£40,000 to £1,000,000 or £2,000,000 aggregate lending over a maximum of 3 properties.

Repayment Type

Mixed Repayment/ Interest only mortgages will be considered.

Early Repayment Charge (ERC)

During the first 5 years any additional amount repaid above the 5% permitted will be subject to an Early Repayment Charge of 5% of the amount repaid in year 1, 4% of the amount repaid in year 2, 3% of the amount repaid in year 3, 2% of the amount repaid in year 4 & 2% of the amount repaid in year 5.

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 5% of the balance outstanding when the product was taken out without incurring an Early Repayment Charge. However, any additional amount repaid above the annual 5% 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 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 of 5% of the amount repaid in year 1, 4% of the amount repaid in year 2, 3% of the amount repaid in year 3, 2 % of the amount repaid in year 4 and 2% of the amount repaid in year 5 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%.
  • Telegraphic Transfer Fee of £25.00 to be deducted from the advance monies on completion.
  • 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 £136,957.97 payable over 20 years and 5 months initially on a fixed rate for 5 years at 3.35% and then on our current variable rate of 5.24% for the remaining 15 years and 5 months, would require 60 monthly payments of £772.56 and 185 monthly payments of £879.88.

The total amount payable would be £209,941.40 made up of the loan amount plus interest (£72,173.43), Telegraphic Transfer Fee (£25.00), Valuation Fee (£260.00), Mortgage Exit Fees payable to Monmouthshire Building Society on the final repayment (£125.00), Administration Fee (£150.00) and Legal Fees (£250.00 - This is an estimated amount and may change).

The overall cost for comparison is 4.5% APRC representative.