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Mutual Respect

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Home Starter fixed rate until 27 May 2020 - 95% LTV

A mortgage for first time buyers, it starts out as an interest only product for the first three years, then we move you to capital and interest repayments for the rest of the mortgage. This way, your initial payments are lower – so you can free up some money to help set up your new home.

Home Starter fixed rate until 27 May 2020 - 95% LTV

Key Features

Product Initial Interest
Rate
Period Max
LTV
Fees
Home Starter fixed rate until 27 May 2020 - 95% LTV 4.45% Fixed Fixed until 27/5/2020 95% Purchase: £300
Booking fee: £300

A mortgage of £180,500 payable over 35 years initially on a fixed rate for 2 years and 11 months at 4.45% and then on our standard variable rate, currently 4.2% for the remaining 32 years and 1 month would require 35 monthly payments of £669.35 and 385 monthly payments of £854.30 plus one initial interest payment of £110.03.

The total amount payable would be £353,157.78 made up of the loan amount plus interest of £171,942.78 a booking fee of £300, an application fee of £300 and a MEAF of £115.

The overall cost for comparison is 4.4% APRC representative.

* Rates shown above are based on an LTV of 95%. The actual rate will depend on your circumstances. Ask for a personalised illustration.

THIS MORTGAGE IS ON AN INTEREST-ONLY BASIS FOR AN INITIAL PERIOD OF 3 YEARS.

After the initial interest-only period the mortgage will be converted to a capital and interest repayment method for the remainder of the mortgage.

Is an Early Repayment Charge (ERC) payable?:

  • The Early Repayment Charge (ERC) applies from the date of completion.

  • For this product the ERC period is until 27 May 2020.

  • The ERC is 3% until 27 May 2019 and then 2% until 27 May 2020 of the original loan amount.
  • During the ERC period you are permitted to make overpayments up to 10% of the original loan amount per year. If overpayments exceed 10% in a year during the ERC period, you will have to pay the relevant ERC percentage rate on the amount of overpayment exceeding the permitted level.

  • The full ERC is payable on the original loan amount if you repay your mortgage in full during the ERC period. The ERC will also be levied on previously permitted overpayments.

Fees:

Application Fee: £300

Booking Fee: £300

Mortgage Exit Administration Fee (MEAF): £115

Standard mortgage valuation fee:

Newbury Building Society will pay for one standard valuation fee.

 

LIMITED AVAILABILITY - PRODUCT MAY BE WITHDRAWN WITHOUT NOTICE

YOUR MORTGAGE IS SECURED ON YOUR HOME. THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

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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
This product is available to first time buyers only. The property must be located in the following postcode 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. Product available to those purchasing their residential home subject to product terms. The mortgage term must be between 5 and 35 years. Minimum property value of £125,000.

New Build properties are not acceptable on this product.

Loan size:

£50,000 (Min) - £250,000 (Max)

Legal costs
Legal work is required when buying your home and is carried out by a solicitor, 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.

Incentives

  • No higher lending charge
  • Free valuation
  • Overpayments allowed
  • 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.

We will carry out a standard mortgage valuation at our cost, providing the mortgage completes. If the mortgage does not complete and the valuation has been carried out, you are responsible for paying it. Where the valuation fee is payable, our normal scale of valuation fees apply.  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). Mortgage interest is charged on a daily basis. 

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 an LTV of 75%. 

Fees
Application fees can be added to the mortgage provided this does not take the loan over 95% LTV. 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 refundable if the mortgage does not take place.

A booking fee of £300 is payable on application and is non-refundable. Payment of the booking fee reserves the requested funding within the time scales given below.

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
Completion must be within three months of the date of the formal mortgage 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. 

Interest only
PLEASE NOTE - You should be aware that for the period you are paying interest only you are not reducing the capital borrowed. 

When your mortgage converts to a capital and interest repayment method, the monthly payments will increase substantially as the term of the mortgage remaining will have reduced. The affordability of this mortgage will be calculated on a capital and interest repayment basis. 
Please see your Key Facts Illustration (KFI) for details. 



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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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On Saturdays we are only able to call in the morning due to branch opening times.

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