Mortgage product
3 Year Discount
| The initial variable interest for the first 3 years is: | |
3.24% |
|
| changing to our SVR, for the remainder of the mortgage, currently: | |
4.45% | |
| The overall cost for comparison is: | |
4.3% | APR |
Rates shown above are based on an LTV of 75%. The actual rate available will depend on your circumstances. Ask for a personalised illustration. | |
Availability
Available to existing borrowers and new customers who apply to us directly where the property is located in England or Wales. For further details please read the Availability section below.
Mortgage brokers only - restrictions apply, refer to the mortgage broker homepage.
How much can you borrow?
Find out with our online mortgage calculator
Click here to try for yourself
| Maximum loan to value | 75% | 80% LTVs over 75% must be on a capital and interest repayment basis | 85% LTVs over 75% must be on a capital and interest repayment basis |
|---|---|---|---|
| Initial interest rate | 3.24% variable | 3.29% variable | 3.69% variable |
| Standard variable rate (SVR) | Newbury Building Society's current SVR is 4.45% (overall cost for comparison is 4.5% APR). Mortgage interest is charged on a daily basis | ||
| Offer | Our SVR with a 1.21% discount for the first 3 years changing to our SVR for the remainder of the mortgage. | Our SVR with a 1.16% discount for the first 3 years changing to our SVR for the remainder of the mortgage. | Our SVR with a 0.76% discount for the first 3 years changing to our SVR for the remainder of the mortgage. |
| The overall cost for comparison is: | 4.3% APR | 4.3% APR | 4.4% APR |
| Incentives |
| ||
| Loan size | £50,000 (Min) - £1,000,000 (Max) | £50,000 (Min) - £275,000 (Max) | £50,000 (Min) - £250,000 (Max) |
| Is an Early Repayment Charge (ERC) payable? |
| ||
| Application fee | £500 Purchase £750 Remortgage | £750 Purchase £950 Remortgage £250 Existing Borrower Transfer | £750 Purchase £950 Remortgage £250 Existing Borrower Transfer |
| Standard mortgage valuation fee | Newbury Building Society will pay for one standard mortgage valuation for properties valued up to £1,000,000. | ||
| Higher Lending Charge | N/A | Free | Free |
| Portable | Yes | ||
Availability
The property must be located in England or Wales. Products available to those purchasing or remortgaging their residential home subject to product terms. Remortgages over 75% LTV are allowed with no extra borrowing. The mortgage term must be between 5 and 30 years. Properties where the valuation is less than £100,000 must be referred to our Customer Service department for initial approval.
Also available for existing borrowers to transfer their existing mortgage into, subject to payment of any ERCs that apply on their current mortgage and for existing borrowers moving house.
Legal costs
Legal work is required when buying your home and when switching your mortgage to us from another lender (remortgage). When buying your home the legal work is carried out by a solicitor and is payable by you. We can use the same solicitors as you, providing there is a minimum of two partners and they are registered on The Law Society website (www.lawsociety.org.uk).
Licensed conveyancers are also acceptable for residential business only. The conveyancer must be registered with the Council of Licensed Conveyancers and be in a firm with at least two partners.
For remortgages, we can carry out the legal work for you using title insurance (see Incentives, below).
Incentives
No higher lending charge applies. We will take out an insurance policy to cover the associated risk of lending more than 75% of the purchase price/valuation of your property but we will not charge you for it (see our Mortgages explained PDF for full details and implications of this risk for you).
Newbury Building Society will pay for one standard mortgage valuation for properties valued up to £1,000,000. We will carry out a standard mortgage valuation at our cost, providing the mortgage completes. If the mortgage does not complete and the valuation has been carried out, you are responsible for paying it. Where the valuation fee is payable, our normal scale of valuation fees apply. You can upgrade to a Home Buyers report if you wish and if you would prefer a full building survey, we can give you the names of some local surveyors who can organise this for you (see page 6 of our Mortgages explained PDF for valuation and home buyer fees).
If an existing borrower who is not moving house would like a revaluation carried out to assess which LTV tier they qualify for they will be required to pay a revaluation fee (see our Mortgages explained PDF for details).
Where ‘free legals’ apply, they are for remortgages only. The legal work will be carried out by Newbury Building Society using title insurance and the cost, which covers HM Land Registry fees, a title insurance premium and other disbursements will be paid by us. If for any reason the remortgage does not take place, you will need to pay any legal costs incurred (maximum £250). The ‘free legals’ service does not include the legal work involved for registering unregistered land or transferring property from one person to another (the names and addresses of the borrowers must agree precisely with those held at HM Land Registry). If legal work is required in these areas, a solicitor will be required to act at your cost.
Maximum loan to value
Loan to Value (LTV) is the proportion of the value or price of the property (whichever is the lower) that you borrow on a mortgage. For example, a £75,000 mortgage on a house valued at £100,000 would mean a LTV of 75%. All loans over 75% must be on a capital and interest repayment basis.
Application fees
Application fees can be added to the mortgage and are refundable if the mortgage does not take place. If you add the application fee to your mortgage, this increases the amount you borrow and will also increase your monthly payments.
This fee is £100 for further advance loans on your existing Newbury Building Society mortgage.
For LTVs over 75% there is an application fee for existing borrowers transferring their existing mortgage into this product.
Portability
All our mortgages are portable, which means that if you move house within an early repayment charge period the product can be transferred to your new mortgage, up to the value of the product outstanding at redemption, without charge. If the loan amount on your new mortgage is lower, there may be a charge based on the difference between the old and the new loan amount. A higher lending charge may be applicable for the new mortgage.
Other charges
A Mortgage Exit Administration Fee (MEAF) applies when you repay your mortgage. Please see our Tariff of charges PDF and your Key Facts Illustration (KFI) for details. Charges applying to the ongoing administration of your mortgage are detailed in our Tariff of charges PDF, which you will be given before your mortgage completes.
WE HAVE NO CURRENT PLANS TO WITHDRAW THIS PRODUCT BUT IT MAY BE WITHDRAWN WITHOUT NOTICE
YOUR HOME MAY REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
The property must be located in England or Wales. Products available to those purchasing or remortgaging their residential home subject to product terms. Remortgages over 75% LTV are allowed with no extra borrowing. The mortgage term must be between 5 and 30 years. Properties where the valuation is less than £100,000 must be referred to our Customer Service department for initial approval.
Also available for existing borrowers to transfer their existing mortgage into, subject to payment of any ERCs that apply on their current mortgage and for existing borrowers moving house.
Legal costs
Legal work is required when buying your home and when switching your mortgage to us from another lender (remortgage). When buying your home the legal work is carried out by a solicitor and is payable by you. We can use the same solicitors as you, providing there is a minimum of two partners and they are registered on The Law Society website (www.lawsociety.org.uk).
Licensed conveyancers are also acceptable for residential business only. The conveyancer must be registered with the Council of Licensed Conveyancers and be in a firm with at least two partners.
For remortgages, we can carry out the legal work for you using title insurance (see Incentives, below).
Incentives
No higher lending charge applies. We will take out an insurance policy to cover the associated risk of lending more than 75% of the purchase price/valuation of your property but we will not charge you for it (see our Mortgages explained PDF for full details and implications of this risk for you).
Newbury Building Society will pay for one standard mortgage valuation for properties valued up to £1,000,000. We will carry out a standard mortgage valuation at our cost, providing the mortgage completes. If the mortgage does not complete and the valuation has been carried out, you are responsible for paying it. Where the valuation fee is payable, our normal scale of valuation fees apply. You can upgrade to a Home Buyers report if you wish and if you would prefer a full building survey, we can give you the names of some local surveyors who can organise this for you (see page 6 of our Mortgages explained PDF for valuation and home buyer fees).
If an existing borrower who is not moving house would like a revaluation carried out to assess which LTV tier they qualify for they will be required to pay a revaluation fee (see our Mortgages explained PDF for details).
Where ‘free legals’ apply, they are for remortgages only. The legal work will be carried out by Newbury Building Society using title insurance and the cost, which covers HM Land Registry fees, a title insurance premium and other disbursements will be paid by us. If for any reason the remortgage does not take place, you will need to pay any legal costs incurred (maximum £250). The ‘free legals’ service does not include the legal work involved for registering unregistered land or transferring property from one person to another (the names and addresses of the borrowers must agree precisely with those held at HM Land Registry). If legal work is required in these areas, a solicitor will be required to act at your cost.
Maximum loan to value
Loan to Value (LTV) is the proportion of the value or price of the property (whichever is the lower) that you borrow on a mortgage. For example, a £75,000 mortgage on a house valued at £100,000 would mean a LTV of 75%. All loans over 75% must be on a capital and interest repayment basis.
Application fees
Application fees can be added to the mortgage and are refundable if the mortgage does not take place. If you add the application fee to your mortgage, this increases the amount you borrow and will also increase your monthly payments.
This fee is £100 for further advance loans on your existing Newbury Building Society mortgage.
For LTVs over 75% there is an application fee for existing borrowers transferring their existing mortgage into this product.
Portability
All our mortgages are portable, which means that if you move house within an early repayment charge period the product can be transferred to your new mortgage, up to the value of the product outstanding at redemption, without charge. If the loan amount on your new mortgage is lower, there may be a charge based on the difference between the old and the new loan amount. A higher lending charge may be applicable for the new mortgage.
Other charges
A Mortgage Exit Administration Fee (MEAF) applies when you repay your mortgage. Please see our Tariff of charges PDF and your Key Facts Illustration (KFI) for details. Charges applying to the ongoing administration of your mortgage are detailed in our Tariff of charges PDF, which you will be given before your mortgage completes.
WE HAVE NO CURRENT PLANS TO WITHDRAW THIS PRODUCT BUT IT MAY BE WITHDRAWN WITHOUT NOTICE
YOUR HOME MAY REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
