3 Year Discount Remortgage (up to 80% LTV*) - D112
This remortgage package offers lower monthly payments during the first 3 years and has no product fee, a free standard valuation (up to £1 million) and **free legal fees. At the end of the discount period interest will revert to our Standard Variable Rate for the remainder of the life of the mortgage.
For Remortgages and Additional Borrowing
|Period of loan||Rate Payable||Additional Information|
|Months 1-36 (2.10% discount)||2.89% Variable Rate||No product fee|
|Month 37 onwards (no discount)||Standard Variable Rate Currently 4.99%|
|The overall cost for comparison is:||4.5% APR|
Interest rates are variable. All discounts are off our standard variable rate currently 4.99%.
Product Code: D112
|Maximum Loan to Value %||The maximum loan to value is 80% across England and Wales.|
|Loan Size||£30,000 to £500,000|
|Repayment Type||Mixed Repayment/Interest only mortgages will be considered but the interest only element cannot exceed 50% 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||None|
|Overpayments||• Regular overpayments will be permitted without an early repayment charge. Regular overpayments are amounts collected with, and in addition to, your monthly mortgage payments. • You may make capital repayments without an early repayment charge. • Following receipt of a lump sum payment, the amount that you owe, and so the amount of interest you pay, is reduced immediately.|
- *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 solicitor acts 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.
- If you move house during the Discount 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 or Wales. 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.
- 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.
- Additional borrowing can be raised for the purpose of Home Improvements, purchase of freehold/extension of lease and purchase of land adjacent to the property being remortgaged.
- Additional borrowing can be raised for the purpose of capital raising. Please note that this is not available for credit impaired borrowers.
Links to further important information and details of how to apply can be found on the top right-hand-side of this page.
Monmouthshire House, John Frost Square, Newport, NP20 1PX
Tel: 01633 844444
Fax: 01633 844445
Monmouthshire Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Financial Services Register Number: 206052.
Your home may be repossessed if you do not keep up repayments on your mortgage. Think carefully before securing other debts against your home.