"This can be a big extra cost to people; these new products will allow customers to choose which option is best for them and their circumstances."
For the new fee assist products, while customers will still need to pay an application and valuation fee (as well as any associated legal fees), the arrangement fee, typically one percent of the total value of the mortgage amount, has been removed.
For products where an arrangement fee is payable, the Society will allow customers to add this to the value of their mortgage, even if the maximum LTV is exceeded, without affecting the interest rate charged.
The new and revised products will be available from 1st October.
Alun Williams, chief executive of Swansea Building Society, said: “We are constantly reviewing what we do and the products we offer to ensure we remain competitive and offer our customers the best possible solutions for their needs.
“In this case, we have consulted extensively with both our network of mortgage brokers and our mortgage customers to re-evaluate our products in line with their expectations and recommendations.
“The result is a big change in the way arrangement fees are managed. This can be a big extra cost to people; these new products will allow customers to choose which option is best for them and their circumstances.
“The feedback on doing this has been very positive, against a backdrop of a bumper time for the housing market after the restrictions of Covid-19 were eased. We think these adjustments to our offering makes our products very attractive in what remains a competitive environment.”
