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Newbury Building Society has launched two new Help to Buy remortgage products for borrowers looking to pay off some of their government loan.
The fixed rate and variable product is suitable for borrowers looking to:
- Remortgage like-for-like: the customer remortgages the current mortgage balance they have with a different lender and keep all of their government loan
- Partially staircase: the customer remortgages to Newbury Building Society from a different lender and borrows more to pay off part of their government loan
The Society also caters for those looking to repay their equity loan in its entirety with these borrowers qualifying for its standard residential mortgage product range.
The Newbury is only one of a handful of lenders who allow borrowers to remortgage whilst keeping some or their entire equity loan.
Both remortgage products allow overpayments and the Society will pay one standard valuation fee.
Roger Knight, Lending Manager at Newbury Building Society said: “There is a lack of options for people remortgaging with the Help to Buy Equity Loan scheme as highlighted over recent months. As a result, we listened and taken into account the need for flexibility; removing the pressure of having to remortgage away from the scheme in its entirety.”
Roger added: “We value feedback from customers and the market alike, and action where we can to ensure people can continue buying their own homes.”