Swansea BS unveil changes to mortgage products

The society has unveiled changes to its products to offer customers lower interest rates.

Swansea BS unveil changes to mortgage products

Swansea Building Society has unveiled a range of mortgage products to offer customers lower interest rates on residential, self-employed, lending in retirement and buy-to-let mortgages.

The Swansea has also launched new products aimed at those looking to build their own property or renovate an existing property.

The society has launched LTV residential mortgage products with low rates for those borrowing 50% or less of the valuation of property.

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 customers who solely or jointly earn £100,000 and above per annum.

Other new products include the Residential Mortgage 80 with a lower rate than the current 80% LTV mortgage as well as the Residential Mortgage 90 product with a maximum LTV of 90%.

The society has 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 and 60% for the lending into retirement mortgage which is available to customers up to age 85.

Customers can now borrow up to 75% of the property value on the buy-to-let and holiday let offering.

Alun Williams (pictured), 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.”