Savings
Whether you’re looking for instant access, annual bonuses or tax-free savings, we have an account that will help you achieve your savings goals.
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Mortgages
Whether you’re looking to buy your first home, move somewhere bigger, or simply get a better deal, we can offer a mortgage that suits you.
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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
2.74% Discount Mortgage - 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 property may be repossessed.
Interest Rates
Period of Loan Rate Payable
Months 1-24

Initial Variable Rate, Currently:

2.74%

(2.50% discount)

Month 25 onwards

Standard Variable Rate, Currently:

5.24%

Overall cost for comparison 4.8% 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

Loan Size

£50,000 to £500,000

Repayment Type

Mixed Repayment/Interest only mortgages will be considered but the interest only element cannot exceed 75% LTV. The latter only applies to new borrowers. Existing borrowers will be allowed to transfer their existing interest only loan if they move house. If they wish to borrow more than their current interest only element this must be on a repayment basis. Where borrowers wish to continue with an interest only loan they will be required to advise the Society how they intend repaying this

Early Repayment Charge (ERC)

During the first 2 years any additional amount repaid above the 5% permitted will be subject to an Early Repayment Charge of 3% of the amount repaid. Following receipt of a lump sum payment, the amount that you owe, and so the amount of interest you pay, is reduced immediately.

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 sum borrowed 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 3% of the amount repaid. Following receipt of a lump sum payment, the amount that you owe, and so the amount of interest you pay, is 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
  • This mortgage is available to existing holiday let borrowers
  • Rental income must be a least 45% more than the mortgage interest repayments (based on the initial rate payable plus 2% or 5.5%, whichever is greater).
  • Must be a property owner-occupier.
  • 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 calculated at 3% is payable on the difference in the amount of this loan and the amount transferred. All loans must be secured on land in Wales or England. The loan to value must be no greater than 75%.
  • Our Tariff of Mortgage Charges gives details of the charges payable in connection with mortgage applications and additional administration following completion of your loan.
  • Assured Shorthold tenancies are not to be created
  • Occupation will be on the basis of a licence i.e. occupants will have no rights

Representative Example

A mortgage of £197,048 payable over 18 years and 9 months initially on a discount rate for 2 years at 2.74% and then on our current variable rate of 5.24% for the remaining 16 years and 9 months would require 24 monthly payments of £1,120.89 and 201 monthly payments of £1,350.97.

The total amount payable would be £298,571.33 made up of the loan amount plus interest (£101,398.33) and mortgage exit fees (£125).

The overall cost for comparison is 4.8% APRC representative.