Swansea Building Society has announced the launch of an enhanced range of personal regulated mortgage products, commencing in January 2024.
These innovative offerings are designed to provide increased flexibility, transparency, and fairness to homeowners, aligning with the Society's core values of delivering value and supporting sustainable homeownership.
In a significant departure from the current structure, Swansea Building Society will replace the existing percentage fee arrangement with a standard £1,249 product fee payable upon completion. This change is the result of a comprehensive fair value review, aiming to ensure consistency in arrangement/product fees across all standard residential products, irrespective of the loan size. The move to a flat fee reflects the true cost of processing mortgages and seeks to streamline the mortgage experience for customers.
Additionally, Swansea Building Society will introduce a specialised Regulated Bridging Mortgage product. Tailored for individuals seeking short-term mortgages (less than 3 years), this product allows homeowners to transition to a new property before selling their existing one. Unlike other residential products, the Regulated Bridging Mortgage features a 2% product fee. Notably, there are no early repayment charges associated with this product, providing increased flexibility for borrowers.
In a commitment to environmental sustainability, Swansea Building Society is also introducing a new Green Buy-to-Let (BTL) product. This product offers a lower interest rate for BTL properties with an Energy Performance Certificate (EPC) rating of A or B compared to those with a rating of C or above. This initiative encourages lending on energy-efficient properties and complements the upcoming revision of the Green Mortgage Product for residential purchases launching in January. This feature does not apply to applications in a limited company name.
Swansea Building Society has been a trusted financial partner, serving the community with personalised banking solutions for over 100 years. It remains committed to providing innovative financial solutions and looks forward to empowering homeowners with these new mortgage products.
Alun Williams, Chief Executive of Swansea Building Society, said:
“We are thrilled to unveil our enhanced range of mortgage products, reflecting Swansea Building Society's dedication to fairness, flexibility, and sustainability. These changes are the result of a detailed review process, ensuring that our mortgage offerings align with the evolving needs of our customers while promoting responsible lending practices.
“Swansea Building Society has been committed to customer satisfaction and community development for over a century now, and we strive to continue to exceed expectations in delivering financial services that stand the test of time.”
