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The UK and Brexit
The UK is no longer a member of the European Union (EU). The transition period, during which time the UK’s trading relationship with the EU remained the same and the UK remained aligned with EU rules, ended on 31st December 2020 at 11pm.
Following the end of the transition period, the UK has begun a new trading relationship with the EU, which means we have had to make some changes for those savers and borrowers who live in the European Economic Area (EEA).
We are sorry for any inconvenience these changes will cause you and we will continue to monitor the position as further details of the trading relationship emerge and we will update this web page with any further developments, and how these may affect you.
What changes are you making to my saving account(s)?
If you live within the European Economic Area (EEA), your savings account may continue to operate but from 31 March 2021, we will not accept further receipts/deposits/credit transfers into your Newbury Building Society savings account. We will be contacting those customers who are impacted by these changes in January 2021, giving 2 months’ notice of the change, and the option to withdraw your funds without an interest penalty (if this applies).
If you move to the EEA after 31 December 2020, we will not allow existing UK based customers to retain their account; the account will need to be closed.
Is my money safe?
Yes, your money is protected by the Financial Services Compensation Scheme and this protection will still apply following Brexit. For further details, see: https://www.fscs.org.uk/.
I live in the EEA and have an account with you. Should I take any action?
Yes. If you have a savings account with us, this can remain open and will continue to earn interest. However, if you currently receive payments into your account, you need to choose to either:
- Leave your account as it is, accruing interest. You can make withdrawals from your account via our online myaccounts service to a UK bank account or (if you visit the UK) from one of our branches; or
- Close your account without an interest penalty (if applicable, see the terms and conditions of your account). If you choose this option, you have until the 31st March 2021 to close without penalty. Your savings must be sent to a UK account that has been verified* by us to ensure it is an account that belongs to you or alternatively we will issue a cheque payable to you.
*Verification of bank details will be via an electronic search or (if this is unsuccessful), by provision of documentary evidence, such as a recent bank statement.
I am an EEA citizen living in the UK, will there be any changes to my account?
From 11pm on 31 December 2020 our products are only available to individuals resident in the UK for tax purposes or Crown employees serving overseas and their spouses.
Will you keep me informed of any changes?
We will contact you if we need to make any specific changes relating to your savings account and how we service it. Any updates will also be posted on this webpage.
Will there be any changes to my mortgage account(s)?
Yes, if you live within the EEA, your mortgage account can continue to operate in accordance with its contractual terms and no changes are needed as we already require mortgage payments to be made from a UK bank account.
However, from 11pm on 31 December 2020, we no longer allow the following:
- Further lending (called a “further advance”), for example for house improvements.
- Further discounted/fixed products at the expiry of your current mortgage product. Your mortgage interest rate will revert to our Standard Variable Rate (SVR) or whatever other contractual arrangement you already have with us.
If you live in the EEA or move to the EEA, the Society will no longer provide mortgages to borrowers who are letting their home in the UK.
I have a mortgage with you and am likely to move to an EEA state, can I let my property?
No, unfortunately from 11pm on 31 December 2020, we have no longer been able to offer this service. We recommend you speak with a specialist mortgage broker about your options.
What if Brexit affects my ability to make my mortgage repayments?
We may be able to help you manage your difficulty in making repayments, but we would first need to understand your financial circumstances. Please contact us as soon as possible on 01635 555588 or firstname.lastname@example.org. You can also find information on our website. Our opening hours are 9am – 5pm on Monday, Tuesday, Thursday and Friday, and 9.30am – 5pm on Wednesday.
Will you keep me informed of any changes?
We will contact you if we need to make any specific changes relating to your mortgage account and how we service it. Any updates will also be posted on this webpage.
If you have any questions, please do not hesitate to contact us on email@example.com and we will ask one of our Brexit working party members to respond to you.