Self-build

  • Initial rate:

    6.15% variable

  • APRC:

    6.3%

  • Product fees:

    1% purchase

    1% remortgage

  • Maximum LTV:

    75%

  • Early repayment charge:

    Yes

  • Overpayments allowed
  • Portable

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

Interest rates:

  • 6.15% variable. Our standard variable rate for the term of the mortgage
  • For comparison purposes: 6.3% APRC

Maximum LTV:

  • 75%

Fees:

  • Purchase application Fee: 1% of the total amount of borrowing (subject to a maximum of £2,500)
  • Remortgage application Fee: 1% of the total amount of borrowing (subject to a maximum of £2,500)
  • 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
  • Valuation fee is payable
  • Mortgage Exit Administration Fee (MEAF): £100

Loan size:

  • £50,000 (min) - £500,000 (max)

Features:

  • GoGreen reward available on the application 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 (or balance transferred from an existing mortgage to this
product).

  • Year 1 - 3%
  •  Year 2 - 2%
  •  Year 3 - 1%

Overpayments:

Each year during the 3-year deal, you can overpay up to 20% of the original loan amount without
incurring any charges.

  •  If you exceed the 20% 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 £40,000 per year without penalty.
  • If you overpay £50,000 in Year 1, the extra £10,000 would incur a 3% charge (£300).

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).

Who’s eligible to apply?

  • Available to finance self builds, including where the property is already under construction.
  • Remortgaging a self build to Newbury Building Society from another lender
  • Property 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

Fees:

  • Application fees can be added to the mortgage and are refundable if the mortgage does not take place. 
  • 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. The fee for this is payable in advance and cannot be refunded once the valuation has taken place.
  • 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. 

Incentives:

  • 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.

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.
  • Once the property is completed and in occupation the borrower is able to transfer to a standard residential product, subject to availablity. At this time the early repayment charge will be waived and the borrower will become subject to the terms and conditions of the new product.