Swansea BS overhauls lending criteria across all ranges

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

Swansea has aligned its mortgage rates at below 50% LTV to its 'best rate' products, previously available to those who had sole/joint incomes of over £150,000.

The Society is also launching a 60% LTV product which has the same rate as applied to borrowers who earn above £100,000 per year.

Additionally, for the first time, the Society's 90% LTV product is available to all of its customers.

In addition to residential mortgage changes, Swansea has reduced the rate of its self-employed (available up to 80% LTV) and lending in retirement mortgages (up to 60% LTV) which are available to customers up to age 85).

The Society has also cut rates across buy-to-let and holiday let ranges. Furthermore, customers can now borrow up to 75% of the property value, which is a 5% increase on the previous maximum LTV.

Consumer buy-to-let products have also been launched and are aimed at those who previously lived in the family home but now wish to let the property.

Finally, the Society has launched new products aimed at those looking to build their own home via a self-build project or are looking to renovate an existing property. These products are available in Wales/the Welsh border counties only and for the first 24 months are available on interest only terms swapping to full repayment terms from month 25.

Alun Williams, 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.”