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Fixed rate until 29 March 2023

Key Features

Mortgage type 
  • A fixed rate mortgage has an interest rate that stays the same for a set period of time. During the fixed rate period your monthly repayments stay the same. At the end of the fixed rate period the interest rate will change, usually to the lender's standard variable rate (SVR).
Interest rates 
  • 2.69% fixed until 29 March 2023 changing to our SVR for the remainder of the mortgage.
Maximum loan to value  
  • 75 %
  • Application Fee: Purchase £300
  • Application Fee: Remortgage £550
  • Booking fee: £300
  • Mortgage Exit Administration Fee (MEAF): £115
  • If an existing borrower would like a revaluation carried out to asses whether they qualify for this product they will be required to pay a revaluation fee.
  • Newbury Building Society will pay the first £700 of the standard mortgage valuation.
  • Overpayments allowed
  • 'Free legals' for remortgages
  • Portable
Loan size  
  • £50,000 (min) - £1,000,000 (max)
  • £40,000 minimum loan for existing members transferring onto this product
Early repayment charge (ERC) 
  • The Early Repayment Charge (ERC) period applies from the date of completion.
  • For this product the ERC period is until 29 March 2023
  • ERC is 5% to 29 March 2019, 4% to 29 March 2020, 3% to 29 March 2022, 2% to 29 March 2023 of the original loan amount (or the balance outstanding on the date an existing mortgage is transferred to this product)
  • During the ERC period you are permitted to make overpayments up to 10% of the original loan amount (or the balance outstanding on the date an existing mortgage is transferred to this product) per year. If overpayments exceed 10% 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.
  • The full ERC is payable on the original loan amount (or the balance outstanding on the date an existing mortgage is transferred to this product) if you repay your mortgage in full during the ERC period. The ERC will also be levied on previously permitted overpayments.
  • Minimum property value of £125,000
  • The property must be located in England or Wales.
  • Available to those purchasing or remortgaging their residential home subject to product terms.
  • The mortgage term must be between 5 and 35 years.
  • Also available for existing borrowers to transfer their existing mortgage onto, subject to payment of any ERC's that apply on their current mortgage and for existing borrowers moving house.
  • The following postcodes in London and the surrounding area are restricted to 60% loan to value: WC, EC, E, SE, N, NW, W and SW.
Representative example

A mortgage of £382,500 payable over 25 years initially on a fixed rate for 4 years and 10 months at 2.69% and then on our standard variable rate, currently 4.2% for the remaining 20 years and 2 month would require 58 monthly payments of £1,754.16 and 242 monthly payments of £2,007.79 plus one initial interest payment of £789.93.

The total amount payable would be £588,831.39 made up of the loan amount plus interest of £205,616.39, a booking fee of £300, an application fee of £300 and a MEAF of £115.


The overall cost for comparison is 3.7% APRC representative.

Additional information



    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.
  • Incentives

  • We will pay the first £700 of the standard mortgage valuation, providing the mortgage completes (this will cover properties valued up to £1,000,000). If your valuation fee is more than £700 (i.e. your property value is more than £1,000,000), you are responsible for paying the difference. If the mortgage does not complete and the valuation has been carried out, you are responsible for paying it.
  • If an existing borrower who is not moving house would like a revaluation carried out to assess which LTV tier they qualify for they will be required to pay a revaluation fee (see our Mortgages explained booklet for details).
  • 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. Title insurance is only available to applicants who are UK Nationals and resident in the UK at the time of completion. 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 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%.
  • All loans over 70% LTV 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.
  • Fees

  • 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.
  • A booking fee of £300 is payable on application and is non-refundable. Payment of the booking fee reserves the requested funding within the timescales given below.
  • A Mortgage Exit Administration Fee (MEAF) applies when you repay your mortgage. Please see our Tariff of charges leaflet and your Key Facts Illustration (KFI) for details.
  • Timescales

  • House purchases must complete within three months of the date of the formal mortgage offer. Remortgages must complete within three months from the date the application is received. Further advances must complete within three months of the date of the further advance offer.
  • Where existing borrowers transferring their mortgage are not in an early repayment charge period, the transfer must take place with two weeks of the mortgage offer.
  • For new build properties the mortgage offer is valid for up to 6 months. The application must be able to complete in the product time scales. Therefore, the new build property must be completed and available for occupation within six months of the mortgage offer.
  • 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.
  • 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.
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