The lender is offering an 80% loan-to-value (LTV) 5-year fix at 1.89%, which is available for both residential and remortgage.

This product comes with assisted legal fees and one free standard valuation is included up to £1m.

It includes tiered early repayment charges (ERC), starting from 5% in the first year before dropping to 4%, 3% and 2% for the final 2 years.

The product is available for remortgages throughout England and Wales, with a minimum loan size of £500,000 and maximum loan size of £1.5m, it also includes at £1,999 product fee.

James Mann, product development manager at Monmouthshire Building Society, said: “Our focus is on assisting new and existing members as best we can during these challenging times.

“The UK housing market is growing at its fastest rate in five years and our new products reflect our agile approach to changing market conditions.”