Monmouthshire
Building Society Mortgage Providers / Lenders
Monmouthshire
Building Society Mortgage Providers / Lenders
Monmouthshire
Building Society offers various types of mortgage, most of
which are available for both house purchase and remortgage
(the name given to the switching of your mortgage lender without
moving house). Some types e.g. Fixed and Capped rate mortgages,
are only available when market conditions are suitable. Also
mortgages for certain purposes may not always be available
e.g. buy-to-let.
Monmouthshire
Building Society subscribes to the Mortgage Code and provides
all three of the levels of service described therein which
are :-
- Advice
and recommendation on which of the mortgages they provide
is most suitable for you.
- Information
on the different types of mortgage product on offer so that
you can make an informed choice of which to take; or
- Information
on a single mortgage product only, if you have already made
up your mind.
Details
of Monmouthshire Building Society's current Standard Variable
Home Loan Rate and recent changes are always on display on
their website.
Please
note that unless you are an established customer Monmouthshire
Building Society will normally only consider a mortgage application
on a property situated within the area covered by their branch
and agency network.
DISCOUNT
MORTGAGES
This
type of mortgage offers lower monthly payments in the early
years, which is particularly helpful at a time of high expenditure
such as a house move. The rate of interest is variable, however
it is reduced for a specified period from completion (the
date the money is passed to you from Monmouthshire Building
Society) of your mortgage.
The
discount is typically for periods of 1 to 5 years. Sometimes
the discount is stepped and changes at predetermined times
after completion. For example the discount in the first year
might be 2% with a discount of 1% in the second year. The
interest charged will be at their standard variable home loan
rate less the amount of the discount. At the end of the discount
period interest will revert to our Standard Variable Home
Loan rate for the remainder of the life of the mortgage.
FIXED
RATE MORTGAGES
The interest rate is fixed for a set period so you can plan
your finances with more certainty. Fixed rate periods are
typically 1 to 5 years but can be as much as 20 years. This
type of mortgage is subject to market conditions and therefore
may not always be available. At the end of the fixed period
the interest rate will revert to Monmouthshire Building Society
Standard Variable Home Loan Rate.
CAPPED
RATE MORTGAGES
With
this type of mortgage your interest rate won’t go above
an agreed level during the capped period. Should our Standard
Variable Home Loan rate fall below the capped rate then your
interest rate would also be reduced. Again this type of mortgage
is usually only available when market conditions suit. At
the end of the capped period, the rate reverts to the current
Standard Variable Home Loan Rate.
CASHBACK
With a number of their mortgages they offer you a lump sum
cashback to help with some of the costs incurred when moving
into a new home. See individual product pages for details.
NEW
BUILD
If you are building a new house their scheme offers you a
stage payment facility, so as the work progresses the funds
will be released to you (subject to inspection and pre agreed
terms). When the property is finished and occupied by you,
the loan will qualify for any incentives on offer for new
loans at that time. Contact the Monmouthshire Building Society
lending department at Head Office for information about their
interest rates and lending terms. Monmouthshire Building Society
can be extremely flexible and will be pleased to discuss your
specific requirements.
For
further information on a Monmouthshire Building Society Mortgage
visit the Monmouthshire Building Society Website.
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