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
2.20% Discount Buy-to-Let Rate Switch - Max LTV 75%
This mortgage product offers a variable interest rate that is discounted below our Standard Variable Rate for the first 2 years. At the end of the discount period interest 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 rental property may be repossessed.
Interest Rates
Period of Loan Rate Payable
Months 1-24

Initial Variable Rate, Currently:

2.20%

(3.04% discount)

Month 25 onwards

Standard Variable Rate, Currently:

5.24%

Overall cost for comparison 4.6% 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

Interest Only, Repayment or Mixed Interest-Only/Repayment.

Early Repayment Charge (ERC)

During the first 2 years an early repayment charge of 2% of the amount repaid will apply for the first year, and 1% for the second year of the amount repaid. After this period no early repayment charges apply.

Overpayments

Regular overpayments are not permitted during the first 2 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 5% of the original loan amount in each of the first 2 years without an early repayment charge. However, during the first 2 years any additional amount repaid above the 5% permitted will be subject to an Early Repayment Charge of 2% of the amount repaid in year 1 & 1% of the amount repaid in year 2. 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 £1,000,000 for any single property

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. 
  • Please note that our current Buy-to-Let products are ONLY available in our lending area of England and Wales.
  • This mortgage is available to existing borrowers.
  • These terms may be transferred to any new loan up to the amount of this loan, provided it is used for Buy-to-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 calculated at 2% for Year 1 and 1% for Year 2 is payable on the difference in the amount of this loan and the amount transferred. All loans must be secured on land within our lending area of England and Wales.
  • Our Tariff of Mortgage Charges gives details of the charges payable in connection with mortgage applications and additional administration following completion of your loan.

Applications will not be considered in respect of:

  • 'Right to Buy’ council homes
  • Properties sold at auctions
  • Multiple or short-term lets – for instance to students or holiday lets
  • Limited company borrowers
  • Properties let to family members

Representative Example

A mortgage of £194,631.00 payable over 18 years and 8 months initially on a discount rate for 2 years at 2.20% and then on our current variable rate of 5.24% for the remaining 16 years and 8 months would require 24 monthly payments of £1,060.26 and 200 monthly payments of £1,331.72.

The total amount payable would be £291,915.24 made up of the loan amount plus interest (£97,159.24) and mortgage exit fees (£125).

The overall cost for comparison is 4.6% APRC representative.