The property must be located in England or Wales. The following postcodes in London and the surrounding area are restricted to 60% loan to value: WC, EC E, SE, N, NW, W, SW. Products available to those purchasing or remortgaging their residential home subject to product terms. Remortgages over 75% LTV are allowed with no extra borrowing. The mortgage term must be between 5 and 35 years. Minimum property value of £125,000.
Also available for existing borrowers to transfer their existing mortgage into, subject to payment of any ERCs that apply on their current mortgage and for existing borrowers moving house.
£50,000 (Min) - £1,000,000 (Max)
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/License Holders and they are registered on The Law Society website (www.lawsociety.org.uk).
Licensed conveyancers are also acceptable for residential business only. The conveyancer must be registered with the Council of Licensed Conveyancers and be in a firm with at least four Approved Managers/License Holders.
For remortgages, we can carry out the legal work for you using title insurance (see Incentives, below) provided borrowers are UK-nationals and resident in the UK at time of completion.
- Free valuation for properties valued up to £1,000,000
- Overpayments allowed
- 'Free legals' for remortgages
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.
You can upgrade to a Home Buyers report if you wish and if you would prefer a full building survey, we can give you the names of some local surveyors who can organise this for you (see our Mortgages explained booklet for valuation and home buyer fees).
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 PDF 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 the 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% must be on a capital and interest repayment basis.
Application fees can be added to the mortgage and are 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.
This fee is £100 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 Key Facts Illustration (KFI) for details.
House purchase applications must complete within three months of the date of the formal mortgage offer or within 6 months for a property currently under construction. 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.
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. A higher lending charge may be applicable for the new mortgage.
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.