Mortgage product
3-Year Variable HomeBuy Direct
| The variable interest rate for the term of the mortgage is: | |
4.45% |
|
| The overall cost for comparison is: | |
4.5% | 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. See below for other loan to values. | |
Availability
Available to customers who apply to us directly where the property is located in the following postcode areas: BA, BH, BN, BS, DT, GL, GU, HP, OX, PO, RG, RH, SL, SN, SP, SO. Products are available to those purchasing their residential home, through the HomeBuy Direct scheme, subject to product terms. 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?
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| Max loan to value as % of the value of the property (difference to be funded HomeBuy agent and/or applicant) | 75% Mortgage must be on a capital and interest repayment basis | 80% Mortgage must be on a capital and interest repayment basis |
|---|---|---|
| Min deposit from applicant as a % of the value of the property | 0% | 5% |
| Initial interest rate | 4.45% | 4.90% |
| 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 | PURCHASE ONLY 4.45% (our SVR) for the term of the mortgage | PURCHASE ONLY |
| The overall cost for comparison is: | 4.5% APR | 5.0% APR |
| Incentives |
| |
| Loan size | £50,000 (Min) - £500,000 (Max) | £50,000 (Min) - £275,000 (Max) |
| Is an Early Repayment Charge (ERC) payable? | Early Repayment Charge (ERC) period for first 3 years only.
| |
| Application fee | £500 Purchase | |
| Standard mortgage valuation fee | Free | |
| Higher Lending Charge | Free | |
| Portable | Yes | |
Availability
Properties must be located in the following postcode areas; BA, BH, BN, BS, DT, GL, GU, HP, OX, PO, RG, RH, SL, SN, SP, SO. Products are available to those purchasing their residential home, through the HomeBuy Direct scheme, subject to product terms. The mortgage term must be between 5 and 40 years up to 75% LTV, and between 5 and 30 years over 75% LTV. The mortgage must be on a capital and interest repayment basis. Properties where the valuation is less than £125,000 and new build flats must be referred to our Customer Service department for initial approval.
Legal costs
Legal work is required when buying your home, this 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.
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).
A free valuation applies. 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).
Qualification
You need to be accepted by a local HomeBuy agent for the Homebuy Direct scheme.
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%. Maximum loan to value is 85%. Loans over 75% loan to value require a minimum 5% deposit from the applicant.
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.
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
Properties must be located in the following postcode areas; BA, BH, BN, BS, DT, GL, GU, HP, OX, PO, RG, RH, SL, SN, SP, SO. Products are available to those purchasing their residential home, through the HomeBuy Direct scheme, subject to product terms. The mortgage term must be between 5 and 40 years up to 75% LTV, and between 5 and 30 years over 75% LTV. The mortgage must be on a capital and interest repayment basis. Properties where the valuation is less than £125,000 and new build flats must be referred to our Customer Service department for initial approval.
Legal costs
Legal work is required when buying your home, this 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.
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).
A free valuation applies. 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).
Qualification
You need to be accepted by a local HomeBuy agent for the Homebuy Direct scheme.
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%. Maximum loan to value is 85%. Loans over 75% loan to value require a minimum 5% deposit from the applicant.
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.
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
