Self-Build

Key Features

Mortgage type

A variable rate mortgage has an interest rate that can fluctuate. Lender's have a standard variable rate (SVR) on which they base their variable mortgages. The lender can decide when to increase or decrease this standard rate, usually based on the movement of the Bank of England's base rate.

Interest rates

6.15% variable. Our Standard variable Rate (SVR) for the term of the mortgage

Maximum loan to value

75 %

Fees

GoGreen reward - We will refund half of the paid application fee on presentation of an Energy Performance Certificate (EPC) of A or B Energy rating
Application fee: 1% of the total amount of borrowing (subject to a maximum of £2,500)
Mortgage Exit Administration Fee (MEAF): £100
Valuation fee applies

Features

GoGreen reward available on the application fee
Overpayments allowed
Portable

Loan size

£50,000 (min) - £500,000 (max)

Early repayment charge (ERC)

During the ERC period you are permitted to make overpayments up to 20% of the original loan amount per year. If overpayments exceed 20% in a year during the ERC period, you will have to pay the relevant ERC percentage rate on the amount of overpayment exceeding the permitted level.
ERC is 3% in year 1, 2% in year 2 and 1% in year 3 of the original loan amount.
The full ERC is payable on the original loan amount if you repay your mortgage in full during the ERC period. The ERC will also be levied on previously permitted overpayments.
The Early Repayment Charge (ERC) period applies from the date of completion.
For this product the ERC period is 3 years from the date of completion.

Eligibility

Properties must be located in the following post code areas; AL, BA, BH, BN, BS, DT, EX, GL, GU, HA, HP, HR, KT, LU, MK, NN, OX, PO, RG, RH, SG, SL, SM, SN, SP, SO, TA, TW, UB, WD, WR.
The mortgage term must be between 5 and 35 years.
Minimum property value of £150,000
Products available to finance builds including where the property is already under construction.
Once the property is completed and in occupation the borrower is able to transfer to a standard residential product, subject to availability. At this time the ERC will be waived and the borrower will become subject to the terms and conditions of the new product.

Representative example

A mortgage of £377,500.00 (including an application fee of £2,500) payable over 22 years on our standard variable rate, currently 6.15% for the mortgage term of 22 years would require 264 monthly payments of £2,612.18.

The total amount payable would be £690,415.52 made up of the loan amount plus interest of £312,115.52, a valuation fee of £700 and a MEAF of £100.

The overall cost for comparison is 6.3% APRC representative. Please note this illustration is based on a capital and repayment basis (interest only is also available).

Additional information

WE HAVE NO CURRENT PLANS TO WITHDRAW THIS PRODUCT BUT IT MAY BE WITHDRAWN WITHOUT NOTICE.

YOUR MORTGAGE IS SECURED ON YOUR HOME. THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

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 Four Approved Managers/Licence Holders and they are registered on The Law Society website (www.lawsociety.org.uk). Licenced conveyancers are also acceptable for residential business only. The conveyancer must be registered with the Council of Licenced Conveyancers and be in a firm with at least four Approved Managers/Licence Holders.

Standard mortgage valuation fee

A valuation of the property will be required to assess the security offered for the loan. We offer a 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. It is payable in advance and cannot be refunded once the valuation has taken place. 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 price.

Maximum loan to value

Loan to value (LTV) is the proportion of the value or price of the property (whichever is lower) that you borrow on a mortgage. For example, a £150,000 mortgage on a house valued at £200,000 would mean a LTV of 75%.

Application fee

GoGreen reward - On presentation of an Energy Performance Certificate (EPC) of A or B rating, we will refund half of the paid application fee. The Certificate must be presented within the first two years of the self build mortgage completion. The mortgage must still be with Newbury Building Society at the time of presentation to qualify for the refund.
The application fee can be added to the mortgage and is 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.
The application fee is worked out as a percentage of the total amount of borrowing requested, even if the final amount borrowed from the Society is less than was originally requested.
There is a fee of £120 for further advance loans on your existing Newbury Building Society mortgage.
A Mortgage Exit Administration Fee (MEAF) applies when you repay your mortgage. Please see our Tariff of charges leaflet and your European Standardised Information Sheet (ESIS) for details.

Other charges

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.