Sunday, February 25, 2024
Finance

Swansea Building Society launches enhanced mortgage products

Mortgages

As part of the changes, the Society is replacing its current percentage fee arrangement with a standard £1,249 product fee payable upon completion

Swansea Building Society has launched an enhanced range of mortgage products, including the introduction of new regulated bridging and green BTL mortgages.

As part of the changes, the Society is replacing its current percentage fee arrangement with a standard £1,249 product fee payable upon completion. This change is the result of a fair value review, aiming to ensure consistency in arrangement/product fees across all standard residential products, irrespective of the loan size. The Society says the move to a flat fee reflects the true cost of processing mortgages and seeks to streamline the mortgage experience.

Moreover, Swansea is introducing a specialised regulated bridging mortgage product. Tailored for those seeking short-term mortgages under three years, the product lets homeowners transit to a new property before selling their existing one. Unlike other residential products, the regulated bridge features a 2% product fee and offers no early repayment charges.

The Society is also introducing a new green BTL product. This product offers a lower interest rate for BTL properties with an EPC rating of A or B compared to those with a rating of C or higher. This initiative encourages lending on energy-efficient properties and complements the upcoming revision of the lender’s green mortgage product for residential purchases launching in January. This feature does not apply to applications in a limited company name.

Alun Williams, chief executive of Swansea Building Society, commented: We are thrilled to reveal 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 growing needs of our customers while promoting responsible lending practices.

Williams added: Swansea Building Society has been committed to customer satisfaction and community development for more than a century now, and we strive to continue to exceed expectations in delivering financial services that stand the test of time.

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