New lower rate niche mortgages launched by Swansea Building Society

Swansea Building Society has recently launched a new range of mortgage products to offer customers lower interest rates on residential, self-employed, lending in retirement and buy-to-let mortgages. The Society has also launched new products aimed at those looking to build their own property or renovate an existing property.

The Society has launched new Loan to Value (LTV) residential mortgage products, with record low rates for those borrowing 50% or less of the valuation of the property. This is a new concept for the Society, as previously its best rates were kept for those who had sole/joint incomes of over £150,000. However, the new lower rate applicable where the LTV is 50% or less, is the same as the rate for the High Income 150 Mortgage product offered by the Society, where customers must have a sole/joint income of £150,000 and above per annum.

The Society is also launching a Residential Mortgage 60 product which has the same rate as applied to customer(s) who solely/jointly earn £100,000 and above per annum, thereby also qualifying them for the High Income 100 product. Other new products launched are the Residential Mortgage 80 with a lower rate than the current 80% LTV mortgage as well as the Residential Mortgage 90 product, which has a maximum LTV of 90%. The Residential Mortgage 90 is for the first time available to all customers and not just those who are self-employed or who need a professional qualification to do their role. Customers must be based in Wales or in the Welsh Border counties to qualify for the Residential Mortgage 90 product.

In addition to its Residential Mortgage products, the Society has also reduced the rate of its Self-Employed and Lending in Retirement mortgages which are available for those who require an LTV up to 80% (for the self-employed mortgage) and up to 60% (for the Lending in Retirement mortgage, which is available to customers up to age 85).

The Society has also launched new buy-to-let and holiday let products with lower rates than currently on offer. Furthermore, customers can now borrow up to 75% of the property value, which is a 5% increase on the previous maximum LTV.

Consumer buy-to-let products have also been launched by the Society and are aimed at those who previously lived in the family home but now wish to let the property. This mortgage has been designed for people who have become accidental landlords and are regulated in the same way as residential mortgages. This means the borrower enjoys more protection than they would with a normal business buy-to-let mortgage.

The Society has also launched new products aimed at those looking to build their own home via a Self-Build project or are looking to renovate an existing property. These products are available in Wales / the Welsh border counties only and for the first 24 months are available on interest only terms swapping to full repayment terms from month 25.

The new mortgage products have been introduced to meet the demands of the Society’s customers across a number of areas utilising the Society’s common-sense approach to mortgage lending. With no credit scoring and manually underwriting applied on all cases, there is no ‘computer says no’ mentality when assessing cases even for those which are complex and need a tailored and personal approach. In addition, as a mutual building society, Swansea Building Society can pass on rate cuts to its members while maintaining attractive saving rates.

Alun Williams, Chief Executive of Swansea Building Society, said:

“We strive to always deliver the best products possible to our customers and these new mortgage offerings have been carefully designed to do just that. Our mortgage managers take the time to really understand the needs of our customers in more niche circumstances, such as those who are self-employed and therefore have a different income structure, or those looking to build their own property.

“These lower rate mortgages that cater to customers in these situations are incredibly competitive and demonstrate the Society’s dedication to passing on rate cuts to mortgage customers, while continuing to offer favourable rates for savers.”