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
2.09% Discount Mortgage - Max LTV 80%*
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.
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 1-24

Initial Variable Rate, Currently:

2.09%

(2.90% discount)

Month 25 onwards

Standard Variable Rate, Currently:

4.99%

Overall cost for comparison 4.5% 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.

Repayment Type

Mixed Repayment/Interest only mortgages will be allowed but the interest only element cannot exceed 50% LTV. The latter only applies to new borrowers. Existing borrowers will be allowed to switch into a new product and port their 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 Society staff must establish how they intend repaying this and where possible encourage those that are able to do so to convert all or part to a repayment basis.

Loan Size

£30,000 to £500,000

Early Repayment Charge (ERC)

During the first 2 years an early repayment charge of 2% of the amount repaid will be incurred. After this period no early repayment charges apply.

Cashback

£250 towards legal fees

Valuation Fees

One Free Standard Valuation (on properties up to £1 Million in value)

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 10% 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 10% permitted will be subject to an Early Repayment Charge of 2% of the amount repaid in years 1 & 2. 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
  • *For remortgage, the maximum Loan to Value is the amount of a mortgage loan expressed as a percentage of the purchase price or valuation, whichever is the lower.
  • Our lending area is England and Wales.
  • If you move house during the discounted 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 80%. 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.
  • Our remortgage products are available to new borrowers who are looking to switch their mortgage from another lender.
  • 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.

Representative Example

A mortgage of £200,393 payable over 21 years and 8 months initially on a discounted variable rate for 2 years at 2.09% and then on our current variable rate of 4.99%  for the remaining 19 years and 8 months would require 24 monthly payments of £959.04 and 236 monthly payments of £1,235.01.

The total amount payable would be £314,854.32 made up of the loan amount plus interest (£114,086.32), legal costs (estimated £250) and mortgage exit fees (£125).

The overall cost for comparison is 4.45 APRC representative.