Newbury Building Society

Here are the facts...

All mortgage products are available for properties within our normal operating area only.  We will also lend to people who have been members of the Society for two years or more where the property is located in England or Wales.   

What interest rate do you get?

A rate of 6.35% variable for the term of the mortgage.

The overall cost for comparison is 6.6% APR.

Is it for you?

Consider our standard variable rate mortgage if you are planning to buy a home or switching your mortgage to us from another lender without moving home (known as a 'remortgage'). Your home must be located within our normal operating area. We will also lend to existing members of two years of more where the property is located within England or Wales.

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 charge that’s applicable.

How much can you borrow with this product?

The minimum loan amount for this mortgage is £25,000. The maximum loan amount depends on the reason for your borrowing and the amount of deposit you have. Please take a look at our Lending criteria for more details.

The loan amount must not exceed 90% 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

There is no application fee for this mortgage.

A mortgage valuation fee

A valuation fee is payable on this mortgage. To see what the fee will be in your case please refer to our information regarding valuation fees.

A higher lending charge

There are no higher lending charges payable on this mortgage. If your mortgage is more than 75% of the value of your home, we do take out an insurance policy to cover the risk of lending a higher amount but we pay for this. To see more about this insurance policy, click here for details.

Legal fees

Legal work is required when buying your home or for a remortgage 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?

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?

Yes, you can make lump sum payments or overpayments of any amount, without charge at any time during the mortgage term.

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 move home and take this mortgage with you?

Yes, you can. As this mortgage is what we call ‘portable’, 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?

You should read our handy guide Mortgages explained, which contains general information relating to mortgages in general and to borrowing with 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.