Swansea Building Society

The Swansea Building Society was established in 1923 and it is a mutual organisation. Today is has in excess of £85m in total assets, over 6,500 savers accounts and 1,000 mortgage customers. The Society is one of only three remaining mutual Building Societies in Wales and the only Building Society or Bank with its headquarters based in West Wales.

The Swansea has the following types of mortgage:

• FlexiPlus
• Variplus
• Buy to Let
• Self Build

Flexiplus: the interest rate is set at a discount off the Society's standard variable rate. You have access to the equity in your home and you can draw on it at any time once the mortgage has been finalised. It has the following features:

• Interest is calculated daily
• You can make capital repayments at any time without incurring a penalty
• There is no early repayment charge
• The maximum loan is 80% of the value of your property

Variplus: your rate will depend on how much you borrow and your income status. These type of mortgages have the following features:

• Interest is calculated daily
• No early repayment charge

Buy to Let: these type of mortgages are for properties being bought with the intent that they are to be rented out. The maximum loan the Society will consider for this type of mortgage is 70% of the value of the property. The rate is set at the Society's standard variable rate in addition to a charge.

Self Build: this type of mortgage is to help you finance buying a building plot. The mortgage is released at certain stages to suit you and finance construction.

• Interest is calculated daily
• You can make capital repayments at any time without incurring a penalty
• There is no early repayment charge

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