Mortgage product
Offset 3 Year Discount
| The initial variable interest rate for the first three years is: | |
3.95% |
|
| changing to Newbury Building Society's current SVR, for the remainder of the mortgage, currently: | |
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. | |
| Includes Family offset Read our Offset mortgages explained PDF to help you understand how the mortgage and savings parts work. | |
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
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| Maximum loan to value | 75% LTVs over 70% must be on a capital and interest repayment basis. |
|---|---|
| Initial interest rate | 3.95% 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 | 3.95% (our SVR with a 0.50% discount) for the first 3 years changing to our SVR rate for the remainder of the mortgage. |
| The overall cost for comparison is: | 4.5% APR |
| Incentives |
|
| Loan size | £75,000 (Min) - £400,000 (Max) |
| Is an Early Repayment Charge (ERC) payable? |
|
| Application fee | £500 Purchase |
| Standard mortgage valuation fee | Yes |
| Portable | Yes |
| Key features of Offset Savings account | |
|---|---|
| Account Name | Offset/Family offset |
| Interest rates (AERs) | 0% |
| Tax status | N/A |
| Withdrawal arrangements | Easy access
|
| Access | Branch/post |
| Additional Info | |
|---|---|
| Minimum opening balance | Nil |
| Maximum balance | £475,000 (combined total of all linked Offset Savings accounts). |
| New investors | Yes |
| Age requirements | 18 years and over |
| Restricted deposit |
|
| Charges | Not for the normal operation of the account (see our General Investment terms and conditions PDF). |
| Additional benefits |
|
Availability
The property must be located in England or Wales. Product available to those purchasing or remortgaging their residential home. Existing borrowers can switch into this product, subject to payment of any early repayment charges that apply on their existing mortgage. A product transfer fee may be applicable. 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.
Legal costs
Legal work is required when buying your home and when switching your mortgage to us from another lender (remortgage). This 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).
Valuation fee
A valuation of the property will be required to assess the security offered for the loan. We offer the choice of either a basic mortgage valuation, which is for us to assess security only, or a Home Buyer’s Report that will give you a more comprehensive guide to the condition of the property. If you would like a full building survey, we will give you the names of some local surveyors who you can contact to give precise instructions and negotiate a price. (see our Mortgages explained PDF for full details).
If an existing borrower would like a revaluation carried out to assess whether they qualify for the product they will be required to pay a revaluation fee (see our Mortgages explained booklet for details).
Incentives
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 70% must be on a capital and interest repayment basis.
For existing borrowers transferring on to this product the LTV will be calculated on the current loan (capital balance) and the indexed valuation held on our records. If the borrower feels the indexed valuation is inaccurate it can be reviewed by contacting our Customer Services department.
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.
There is no 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 BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
The property must be located in England or Wales. Product available to those purchasing or remortgaging their residential home. Existing borrowers can switch into this product, subject to payment of any early repayment charges that apply on their existing mortgage. A product transfer fee may be applicable. 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.
Legal costs
Legal work is required when buying your home and when switching your mortgage to us from another lender (remortgage). This 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).
Valuation fee
A valuation of the property will be required to assess the security offered for the loan. We offer the choice of either a basic mortgage valuation, which is for us to assess security only, or a Home Buyer’s Report that will give you a more comprehensive guide to the condition of the property. If you would like a full building survey, we will give you the names of some local surveyors who you can contact to give precise instructions and negotiate a price. (see our Mortgages explained PDF for full details).
If an existing borrower would like a revaluation carried out to assess whether they qualify for the product they will be required to pay a revaluation fee (see our Mortgages explained booklet for details).
Incentives
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 70% must be on a capital and interest repayment basis.
For existing borrowers transferring on to this product the LTV will be calculated on the current loan (capital balance) and the indexed valuation held on our records. If the borrower feels the indexed valuation is inaccurate it can be reviewed by contacting our Customer Services department.
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.
There is no 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 BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
