The Monmouthshire Building Society has unveiled a new range of two-year purchase and remortgage products.
The house purchase product range offers both fixed and discount interest rates and up to 95% loan to value (LTV) in the Society’s local geographical area, which is defined as postcode areas NP, CF, SA, LD, WR, GL, HR and BS.
The Society’s two year discount rate house purchase mortgage at 3.75% is available with a maximum LTV of 95%. It has no product fee and also benefits from £500 cashback which is payable within one month of completion of the mortgage. There is also a £150 application fee.
For those with a low deposit looking to tie themselves in to a fixed rate deal, the Society offers a two-year fixed rate purchase product at 3.94% which also offers £500 cashback payable within one month of completion of the mortgage. This product also comes with a £150 application fee.
The new range also includes a two year discount rate house purchase mortgage at 1.75%, with a maximum LTV of 80%. The product is available for house purchase across England and Wales and comes with one free standard valuation (on properties up to £1million in value), a £995 product fee which can be added to the loan and a £150 application fee.
For those customers looking to switch their mortgage from another lender, the Society has launched new two year fixed and discount rate remortgage products, including a fixed rate product at 1.95% with an 80% LTV which is available throughout England and Wales. The product comes with a £995 product fee, one free standard valuation (on properties up to £1million in value) and free legal fees.
The remortgage range also includes a two year discount rate remortgage product at 2.20% with a maximum LTV of 80% which is available throughout England and Wales. This product has no product fee, one free standard valuation (on properties up to £1 million in value) and free legal fees.
Colin Strong, head of lending procurement, said: “I’m pleased to see the launch of this suite of fixed rate and discount rate products, which have been created with the varying needs of our customers in mind. Following feedback from our mortgage advisers, we’ve pledged to offer a range of options, particularly for first time buyers, so they can choose the right mortgage for their requirements.
“Many of the products benefit from free legal fees and one free standard valuation, and the £500 cashback for our two 95% LTV products are certain to be a hit for buyers.”