Mortgage product
3-Year Variable New Build HomeBuy
| The variable interest rate for the term of the mortgage is: | |
4.95% |
|
| The overall cost for comparison is: | |
5.0% | APR |
Rates shown above are based on an LTV between 40% and 75%. The actual rate available will depend on your circumstances. Ask for a personalised illustration. | |
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 New Build HomeBuy 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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| Minimum share of property being purchased | 40% Mortgage must be on a capital and interest repayment basis. | 40% Mortgage must be on a capital and interest repayment basis. |
|---|---|---|
| Min deposit from applicant as a % of the share of the property being purchased | 10% | 5% |
| Initial interest rate | 4.95% | 5.45% |
| 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 | 4.95% (our SVR plus 0.5%) for the term on the mortgage | 5.45% (our SVR plus 1.00%) for the term on the mortgage |
| The overall cost for comparison is: | 5.0% APR | 5.6% APR |
| Incentives |
| |
| Loan size | £40,000 (Min) - £500,000 (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 | |
| 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 New Build HomeBuy scheme, subject to product terms. The mortgage term must be between 5 and 40 years up to 75% of the purchase share, and between 5 and 30 years over 75% of the purchase share. The mortgage must be on a capital and interest repayment basis. Properties where the valuation is less than £125,000 must be referred to our Customer Service department for initial approval.
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.
Incentives
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 zone agent, housing association or local council for the New Build HomeBuy scheme.
Share of property
Your share of the property must be between 40% and 75% of the purchase price or valuation (the lower of the two). You can borrow up to 95% of your purchase share.
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 BE 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 New Build HomeBuy scheme, subject to product terms. The mortgage term must be between 5 and 40 years up to 75% of the purchase share, and between 5 and 30 years over 75% of the purchase share. The mortgage must be on a capital and interest repayment basis. Properties where the valuation is less than £125,000 must be referred to our Customer Service department for initial approval.
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.
Incentives
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 zone agent, housing association or local council for the New Build HomeBuy scheme.
Share of property
Your share of the property must be between 40% and 75% of the purchase price or valuation (the lower of the two). You can borrow up to 95% of your purchase share.
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 BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
