You've selected our Buy to let standard variable rate
Think this one's for you?
Here are the facts...
Availability
Available for properties within our normal operating area only: postcode areas RG, OX, HP, SN, SL, SP, SO, GU.
For purchases and remortgages if you have a deposit of 25% or more.
Is it for you?
Consider our Buy to let standard variable rate mortgage if you are a first time or experienced landlord looking to buy a property to let or refinance an existing loan on a property that is already let.
It is also available to you if you are an existing borrower wanting to transfer into it, subject to the payment of any early repayment charges that are applicable.
The property must be located within our local lending operating area. To see if the property is located within this area please click here.
How much can you borrow with this product?
The minimum loan amount for this mortgage is £50,000. The maximum loan amount is £250,000 per property, up to a maximum of 5 properties.
The loan amount must not exceed 75% of the property’s purchase price or valuation; whichever is the lower of the two amounts.
What fees will you need to pay?
A mortgage application fee
An application fee of £500 is payable for purchases and remortgages (with title insurance) when your mortgage completes.
If you wish to, you can add this fee to your mortgage but please note that this would increase the amount you borrow and would also increase your monthly payments.
This is free for existing borrowers transferring an existing account.
A mortgage valuation fee
A standard mortgage valuation and rental income assessment on one property only is free providing your mortgage proceeds (completes).
Legal fees
Legal work is required when buying or refinancing a property to let and the cost of this legal work is payable by you. We can use your solicitors to do this work if you want us to as long as there are at least two partners in the firm and they are registered in Butterworth’s Law Directory.
Is there any charge for repaying your mortgage early?
If you repay your mortgage in full or part during the first three years of the mortgage (when you are receiving the discounted rate), you will need to pay an early repayment charge of 2% of the amount you repay (if making a capital repayment) or 2% of the original loan amount (if full payment made).
For existing borrowers transferring to this product, charges are based on the balance outstanding on the mortgage when the transfer takes place.
In addition a Mortgage Exit Administration Fee applies to all borrowers who repay their mortgage in full before the end of the full term of the mortgage.
Can you make any lump sum payments or overpayments on this mortgage?
Overpayments of up to 10% are allowed each year in the discounted period.
After the discounted rate period you can repay your mortgage, make lump sum payments or overpayments of any amount, without charge.
How is the interest charged on your mortgage?
The interest is charged on a daily basis, which means that the interest charge is calculated daily and only on the amount outstanding on your mortgage. Of course, any repayments or overpayments you make will immediately reduce the interest charged on your mortgage (subject to cheque clearance where the payment is made by cheque).
Can you sell your property and take this mortgage with you?
Yes, you can. As this mortgage is what we call ‘portable’, if you sell your property and buy a new one, you can transfer it to your new mortgage without charge. One thing to note though, if the loan amount on your new mortgage is lower, there will be a charge based on the difference between the old and new amount.
Is there anything else you need to be aware of?
There is a minimum property value of £50,000 and the mortgage must be arranged over a term between 5 and 25 years.
The property you are buying or refinancing will be used as security for the loan on a first charge basis. If you are unable to offer another property as security, we may consider this.
The property must be let on an assured shorthold tenancy based over 6 or 12 months and the monthly mortgage payment must be no more than 80% of the net monthly rental (as assessed by our Valuer).
Products may be withdrawn without notice.
Buy to let mortgages are administered by Newbury Building Society's subsidiary company, Newbury Mortgage Services Ltd. This means that you become a borrower of Newbury Mortgage Services and not a member of Newbury Building Society.
Are there any charges to pay once your mortgage is in place?
There are charges for one-off services you may require, for example if you need a duplicate mortgage statement or want to change the way you repay your mortgage. Please click here for details.
Where can you get more information on Buy to let?
You can get guidance on Buying to let in our guide Mortgages Explained or from the Council of Mortgage Lenders' website www.cml.org.uk
Available for properties within our normal operating area only: postcode areas RG, OX, HP, SN, SL, SP, SO, GU.
For purchases and remortgages if you have a deposit of 25% or more.
| Buy to Let Standard Variable Rate | Rate | Rate Type | Period |
| An interest rate of | 6.81% | SVR | Mortgage term |
| The overall cost for comparison is | 7.0% APR | N/A | N/A |
Is it for you?
Consider our Buy to let standard variable rate mortgage if you are a first time or experienced landlord looking to buy a property to let or refinance an existing loan on a property that is already let.
It is also available to you if you are an existing borrower wanting to transfer into it, subject to the payment of any early repayment charges that are applicable.
The property must be located within our local lending operating area. To see if the property is located within this area please click here.
How much can you borrow with this product?
The minimum loan amount for this mortgage is £50,000. The maximum loan amount is £250,000 per property, up to a maximum of 5 properties.
The loan amount must not exceed 75% of the property’s purchase price or valuation; whichever is the lower of the two amounts.
What fees will you need to pay?
A mortgage application fee
An application fee of £500 is payable for purchases and remortgages (with title insurance) when your mortgage completes.
If you wish to, you can add this fee to your mortgage but please note that this would increase the amount you borrow and would also increase your monthly payments.
This is free for existing borrowers transferring an existing account.
A mortgage valuation fee
A standard mortgage valuation and rental income assessment on one property only is free providing your mortgage proceeds (completes).
Legal fees
Legal work is required when buying or refinancing a property to let and the cost of this legal work is payable by you. We can use your solicitors to do this work if you want us to as long as there are at least two partners in the firm and they are registered in Butterworth’s Law Directory.
Is there any charge for repaying your mortgage early?
If you repay your mortgage in full or part during the first three years of the mortgage (when you are receiving the discounted rate), you will need to pay an early repayment charge of 2% of the amount you repay (if making a capital repayment) or 2% of the original loan amount (if full payment made).
For existing borrowers transferring to this product, charges are based on the balance outstanding on the mortgage when the transfer takes place.
In addition a Mortgage Exit Administration Fee applies to all borrowers who repay their mortgage in full before the end of the full term of the mortgage.
Can you make any lump sum payments or overpayments on this mortgage?
Overpayments of up to 10% are allowed each year in the discounted period.
After the discounted rate period you can repay your mortgage, make lump sum payments or overpayments of any amount, without charge.
How is the interest charged on your mortgage?
The interest is charged on a daily basis, which means that the interest charge is calculated daily and only on the amount outstanding on your mortgage. Of course, any repayments or overpayments you make will immediately reduce the interest charged on your mortgage (subject to cheque clearance where the payment is made by cheque).
Can you sell your property and take this mortgage with you?
Yes, you can. As this mortgage is what we call ‘portable’, if you sell your property and buy a new one, you can transfer it to your new mortgage without charge. One thing to note though, if the loan amount on your new mortgage is lower, there will be a charge based on the difference between the old and new amount.
Is there anything else you need to be aware of?
There is a minimum property value of £50,000 and the mortgage must be arranged over a term between 5 and 25 years.
The property you are buying or refinancing will be used as security for the loan on a first charge basis. If you are unable to offer another property as security, we may consider this.
The property must be let on an assured shorthold tenancy based over 6 or 12 months and the monthly mortgage payment must be no more than 80% of the net monthly rental (as assessed by our Valuer).
Products may be withdrawn without notice.
Buy to let mortgages are administered by Newbury Building Society's subsidiary company, Newbury Mortgage Services Ltd. This means that you become a borrower of Newbury Mortgage Services and not a member of Newbury Building Society.
Are there any charges to pay once your mortgage is in place?
There are charges for one-off services you may require, for example if you need a duplicate mortgage statement or want to change the way you repay your mortgage. Please click here for details.
Where can you get more information on Buy to let?
You can get guidance on Buying to let in our guide Mortgages Explained or from the Council of Mortgage Lenders' website www.cml.org.uk
Important mortgage information
You may also need...
How much can I borrow?
Find out with our online mortgage calculators.
Click here
