The innovative ‘Welcome’ range was launched this summer and offers purchasers a combination of flexibility and certainty over a 2, 3 or 5-year term.
Available up to 85% loan-to-value, they provide a welcome innovation in the mortgage market by offering customers the option of paying 0% on the first 3 or 6 months of their mortgage, with the remaining monthly payments at a fixed rate.
The total cost of the Welcome products is comparable with the standard fixed rate mortgages offered by the Society. There is no completion fee, a free standard valuation is available up to £335 and 10% capital repayments are allowed each year without penalty.
Martin Richardson, General Manager – Business Development said, “We know that when people buy a new home, they want to make changes and put their own personal mark on it. That is why we launched the unique Welcome Mortgage range in July, and the feedback we have received has been very positive.
“Customers can choose a 0% interest rate period and pay capital only, for either 3 or 6 months. This reduces their outgoings immediately after they move in and gives borrowers the opportunity to decorate, make improvements or buy furniture for their new home. They then pay a fixed monthly payment for the remainder of the product period at a competitive and affordable rate, creating flexibility and certainty at the same time.”
“I am very pleased that we are able to add a £200 cashback to the range and reduce the cost of our 2-year Welcome Mortgage, available up to 85% LTV, from 4.32% to 4.07%. The 2, 3 and 5 year products deliver certainty at an affordable rate and are excellent options for purchasers.”
