First Homes fixed rate until 29 December 2028

  • Initial rate:

    4.39% fixed until 29 December 2028

  • APRC:

    5.8%

  • Product fees:

    £850 purchase

    £850 remortgage

  • Maximum LTV:

    65%

  • Early repayment charge:

    Yes

  • Free valuation
  • Portable
  • Overpayments allowed

Your home may be repossessed if you do not keep up repayments on your mortgage.

Interest rates:

  • 4.39% fixed until 29 December 2028
  • After 29 December 2028: 6.15% variable (Standard variable rate)
  • For comparison purposes:  5.8% APRC

Maximum LTV:

  • 65%

Fees:

  • Purchase application fee: £850
  • Remortgage application fee: £850
  • Mortgage exit administration fee (MEAF): £100

Loan size:

  • £50,000 (min) - £273,000 (max)

(Maximum property value of up to £420,000 applies, dependent on region, see www.
gov.uk/first-homes-scheme for more details)

Features:

  • Newbury Building Society will pay for one standard valuation fee.

Early repayment charge:

The Early Repayment Charge period applies from the date of completion for the duration of the 3-year deal.

It is calculated on the original loan amount. 

  • Year 1 – 3% 
  • Year 2 – 2% 
  • Year 3 – 1%

Overpayments:

Each year during the 3-year deal, you can overpay up to 10% of the original loan amount without incurring any charges.

  • If you exceed the 10% limit in a given year, the excess amount will be subject to the early repayment charge for that year.

For example:
If your original loan is £200,000:

  • You can overpay up to £20,000 per year without penalty.
  • If you overpay £30,000 in Year 1, the extra £10,000 would incur a 3% charge (£300).

Representative example:

A mortgage of £375,850.00 (including an application fee of £850) payable over 22 years initially on a fixed rate for 3 years at 4.39% and then on our standard variable rate, currently 6.15% for the remaining 19 years would require 36 monthly payments of £2,222.56 and 228 monthly payments of £2,556.40.

The total amount payable would be £662,971.36 made up of the loan amount plus interest of £287,021.36 and a MEAF of £100.

The overall cost for comparison is 5.8% APRC representative. Please note this
illustration is based on a capital and repayment basis (interest only is also available).

 

Who’s eligible to apply?

  • Available to those purchasing a new First homes property.
  • Remortgaging a First homes property to Newbury Building Society from another lender.
  • Property must be located in England or Wales (some London restrictions apply)

Fees:

  • Application fees can be added to the mortgage and are refundable if the mortgage does not take place. 
  • We will pay the first £700 of the standard mortgage valuation (this will cover properies valued up to £1,000,000). If your valuation fee is more than £700, you are responsible for paying the difference.
  • A mortgage exit administration fee (MEAF) applies when you repay your mortgage. You may have to pay this if:
    Your mortgage term comes to an end;
    You transfer the loan to another lender; or
    You transfer borrowing from one property to another.

Other charges:

  • Charges applying to the ongoing administration of your mortgage are detailed in our Tariff of Charges leaflet, which you will be given before your mortgage completes. They can also be found on our website. 

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.