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Mutual Respect

From your local mortgage and savings experts

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3 Year Discount

We discount our Standard Variable Rate (SVR) for the first 3 years of this mortgage. The interest rate will vary as our Standard Variable Rate moves up or down, but the amount of discount stays the same at 1.46% for this 85% loan to value mortgage product.

3 Year Discount

Key Features

Product Initial Interest
Rate
Period Max
LTV
Fees
3 Year Discount 2.74% Variable  (Our SVR with a 1.46% discount) 3 Years 85% Purchase: £600
Remortgage: £850
Valuation fee applies for properties valued at over £1m.

A mortgage of £255,000 payable over 35 years initially on our standard variable rate, currently 4.2% with a discount of 1.46% for 36 months giving a current rate payable of 2.74% and then on our standard variable rate, currently 4.2% for the remaining 32 years would require 36 monthly payments of £944.74 and 384 monthly payments of £1,144.01 plus one initial interest payment of £325.42.

The total amount payable would be £474,350.90 made up of the loan amount plus interest of £218,635.90, an application fee of £600 and a MEAF of £115.

The overall cost for comparison is 4% APRC representative.

* Rates shown above are based on an LTV of 85%. The actual rate will depend on your circumstances. Ask for a personalised illustration.

Is an Early Repayment Charge (ERC) payable?:

  • The Early Repayment Charge (ERC) period applies from the date of completion. 
  • For this product the ERC period is 3 years from the date of completion.

  • ERC is 3% in year 1, 2% in year 2 and 1% in year 3 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 20% of the original loan amount per year (or the balance outstanding on the date an existing mortgage is transferred to this product). If overpayments exceed 20% in a year during the ERC period, you will have to pay the relevent 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.

Fees:

Application Fee: £600 (Purchase) or £850 (Remortgage)

Mortgage Exit Administration Fee (MEAF): £115

Standard mortgage valuation fee:

Newbury Building Society will pay the first £700 of the standard mortgage valuation. 

WE HAVE NO CURRENT PLANS TO WITHDRAW THIS PRODUCT BUT IT MAY BE WITHDRAWN WITHOUT NOTICE

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

THE LOAN WILL BE SECURED ON YOUR HOME.

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Please note
You can use our mortgage calculator to find out how much your initial monthly mortgage repayments are likely to be. This can help you estimate the size of mortgage you can afford at a particular interest rate. It is important to remember that the figures are only a guide; the exact cost will depend on the particular mortgage you have. Newbury Building Society will provide those figures as part of your Key Facts® documentation.

How to apply
Please contact us to arrange an appointment with one of our qualified mortgage advisers where you will be provided with your Key Facts® documentation:

Telephone: 01635 555777

Click here to find your nearest branch

THIS INFORMATION DOES NOT CONTAIN ALL OF THE DETAILS YOU NEED TO CHOOSE A MORTGAGE.

MAKE SURE THAT YOU READ THE SEPARATE KEY FACTS ILLUSTRATION BEFORE YOU MAKE A DECISION.

Additional Information

Availability
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 for repayment of existing mortgage and/or home improvements only. 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.

Loan size:

£50,000 (Min) - £300,000 (Max)

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/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.

Incentives

  • Free valuation for properties valued up to £1,000,000
  • Overpayments allowed
  • 'Free legals' for remortgages
  • No higher lending charge
  • Portable

No higher lending charge applies. We will take out an insurance policy to cover the associated risk of lending more than 75% of the purchase price/valuation of your property but we will not charge you for it (see our Mortgages explained PDF for full details and implications of this risk for you).

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. 

Fees
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 £110 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.

Timescales
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.

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. A higher lending charge may be applicable for the new mortgage.

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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Newbury Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register number 206077). Registered office: Newbury Building Society, 17 Bartholomew Street, Newbury, Berkshire, RG14 5LY.

English law applies and we will communicate with you in English. We are participants of the Financial Ombudsman Service. We have a complaints procedure which we will provide on request. Most complaints that we cannot resolve can be referred to the Financial Ombudsman Service.

You can check the Financial Services register on the FCA's website.

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Local Branch:
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