Insurance & Planning
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About Us
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
3.15% Fixed Remortgage - Max LTV 90%
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.

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 Fixed Rate:

3.15%

Month 61 onwards

Standard Variable Rate, Currently:

5.24%

Overall cost for comparison 4.4% APRC

Interest Rates are fixed.

Product Fee

No Product Fee

Loan Size

£40,000 to £1,000,000

Repayment Type

Repayment Only.

Overpayments

Regular overpayments are not permitted during the first 5 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 5 years without an early repayment charge. However, during the first 5 years any additional amount repaid above the 10% 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. Following receipt of a lump sum payment, the amount that you owe, and so the amount of interest you pay, is reduced immediately.

Early Repayment Charge (ERC)

During the first 5 years any additional amount paid above the 10% 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 and 2% of the amount repaid in year 4 and 5. Following receipt of the lump sum payment, the amount that you owe, and so the interest you pay, is reduced immediately.

Assisted Legal Fees

Assisted Legal Fees**

You will not have to pay the usual legal fees in securing your new mortgage if our appointed solicitors are used.

Cashback

£1,000***

Further Information
  • *For Remortgages, 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.
  • **You will not have to pay the usual legal fees in securing your new mortgage if our appointed solicitors are used. Our solicitors act for the Society only to ensure we have good legal claim over your property. You will have to pay for any additional legal work that the solicitors do which is beyond the usual scope of a simple remortgage, for example, change of your name, transfers of equity, deeds of postponement, merger of freehold and leasehold, remedy of any title defect, etc.
  • ***Cashback will be provided to the home owner upon completion in the form of a cheque or BACS transfer.
  • 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 and it is within England and Wales. The loan to value must be no greater than 90%. 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 £475,000 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 £115,884 payable over 23 years initially on a fixed rate for 5 years at 3.15% and then on our current variable rate of 5.24% for the remaining 18 years would require 60 monthly payments of £590.70 and 216 monthly payments of £696.67.

The total amount payable would be £186,047.72 made up of the loan amount plus interest (£70,038.72) and mortgage exit fees (£125).

The overall cost for comparison is 4.4% APRC representative.