"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."
- Alun Williams, chief executive of Swansea Building Society
Swansea Building Society has launched an enhanced range of mortgage products, including the introduction of new regulated bridging and green buy-to-let mortgages.
As part of the changes, the Society is replacing its existing 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. Swansea says the move to a flat fee reflects the true cost of processing mortgages and seeks to streamline the mortgage experience.
Additionally, the Society is introducing a specialised regulated bridging mortgage product. Tailored for individuals seeking short-term mortgages under three years, the product allows homeowners to transition 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.
Swansea is also introducing a new green buy-to-let product. This product offers a lower interest rate for buy-to-let 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 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, 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."
