It will also replace the existing percentage fee arrangement with a fixed £1,249 product fee
Swansea Building Society has announced the launch of an upgraded selection of personal regulated mortgage products, starting this month.
The mutual said the new offerings aim to bring added flexibility, transparency, and fairness to homeowners, aligning with its fundamental principles of delivering value and supporting sustainable homeownership.
In a notable shift from the current structure, Swansea will replace the existing percentage fee arrangement with a fixed £1,249 product fee payable upon completion. This change follows a thorough fair value review, striving to ensure uniformity in arrangement and product fees across all standard residential products, regardless of the loan size.
Furthermore, the lender will introduce a specialised regulated bridging mortgage product. Tailored for individuals seeking short-term mortgages or those less than three years, the product allows homeowners to move to a new property before selling their existing one.
Unlike other residential products, the regulated bridging mortgage features a 2% product fee. There are no early repayment charges associated with this product, providing increased flexibility.
Swansea Building Society, which achieved its highest ever growth last year, is also introducing a new green buy-to-let product, which offers a lower interest rate for properties with an energy performance certificate (EPC) rating of ‘A’ or ‘B’. This encourages lending on energy-efficient properties and complements the upcoming revision of the green mortgage product for residential purchases launching in January.
“We are thrilled to unveil our enhanced range of mortgage products, reflecting Swansea Building Society’s dedication to fairness, flexibility, and sustainability,” commented its chief executive, Alun Williams (pictured). “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.”
Want to be regularly updated with mortgage news and features? Get exclusive interviews, breaking news, and industry events in your inbox – subscribe to our FREE daily newsletter. You can also follow us on Facebook, X (formerly Twitter), and LinkedIn.
