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Review of the Monmouthshire Building Society, Mortgages:

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The Monmouthshire Building Society have a 'floor' ra...

The Monmouthshire Building Society have a 'floor' rate on their variable rate products that, at the moment, doesn't go beneath 3.5 %. However they have no ceiling rate, so when the interest rates went up exponentially, there was nothing to protect their members. They therefore design their products to protect themselves alone. Potential customers should also know that for a long time preferential rates were offered to new members at the expense of existing members. Should a mutual building Society behave this way? Their mortgage products are all smoke and mirrors, a maze of early repayment fees, product fees, floor rates, set up so that their members will always be disadvantaged. I read the following today: "Monmouthshire Building Society has today (August 20th) published its financial results for 2024-25. The Newport-based Society has announced a 61% increase in profits for the last financial year, up from £2.3million, to £3.7million, and total assets reaching £1.72bn." Well it's no wonder. There's only ever going to be profits for the building society which plays heads I win, tails you lose. If you're looking for a fair building society which operates for the benefit of its members, don't look at the Monmouthshire. Reviewed on: 24th August 2025

Reply from Monmouthshire Building Society We are sorry to hear that you are unhappy with the product(s) that you have received from the Society. As an FCA regulated lender, we strive to treat all customers fairly and transparently. We offer a broad range of mortgage products directly and through our broker network and it is important that customers fully understand the features of their mortgage before proceeding, to ensure it is right for them. The setting of differing rates for new and existing customers is standard commercial practice to attract new business. If you remain dissatisfied following the outcome of a complaint, you have the right to refer your complaint to the FOS https://www.financial-ombudsman.org.uk/ Response date: 27th August 2025

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