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Mutual Respect

From your local mortgage and savings experts

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Help to Buy fixed rate until 27 May 2022 - 75% LTV

Help to Buy is a government backed scheme to help people buy their own home with as little as a 5% deposit. For more information about the Help to Buy scheme please contact us. Get some peace of mind, knowing what your mortgage payments would be. This mortgage fixes your monthly payments until 27 May 2022. At the end of that fixed period the interest rate will change to our Standard Variable Rate (SVR).

Help to Buy fixed rate until 27 May 2022 - 75% LTV

Key Features

Product Initial Interest
Rate
Period Max
LTV
Fees
Help to Buy fixed rate until 27 May 2022 - 75% LTV 3.19% Fixed Fixed until 27/5/2022 75% Purchase: £300
Remortgage: £550
Booking Fee: £300

A mortgage of £100,000 payable over 30 years initially on a fixed rate for 5 years at 3.19% and then on our standard variable rate, currently 4.2% for the remaining 25 years would require 60 monthly payments of £431.92 and 300 monthly payments of £480.80 plus one initial interest payment of £227.23.

The total amount payable would be £171,097.43 made up of the loan amount plus interest of £70,382.43 an application fee of £300, a booking fee of £300 and a MEAF of £115.


The overall cost for comparison is 4.0% APRC representative.

* Rates shown above are based on an LTV of 75%. The actual rate will depend on your circumstances. Ask for a personalised illustration.

Minimum deposit from applicant as a % of the value of the property being purchased:

5%

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 2022.

  • The ERC is 5% until 27 May 2018, 4% until 27 May 2019, 3% until 27 May 2021 and 2% until 27 May 2022 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 10% of the original loan amount (or the balance outstanding on the date an existing mortgage is transferred to this product) 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 (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: £300 (Purchase) or £550 (Remortgage)

Booking Fee: £300

Mortgage Exit Administration Fee (MEAF): £115

Standard mortgage valuation fee:

Yes

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 
Properties 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. Products are available to those purchasing or remortgaging their residential home, through the Help to Buy scheme, subject to product terms.

The mortgage term must be between 5 and 35 years. The mortgage must be on a capital and interest repayment basis. Minimum property value of £125,000.

This product is also available for existing borrowers to transfer their existing mortgage into, subject to payment of any early repayment charges that apply on thier current mortgage.

Loan size

£50,000 (Min) - £450,000 (Max)

Maximum property value 
£600,000

Legal costs 
Legal work is required when buying your home. This 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.

Incentives 

  • Overpayments allowed.
  • Free Valuation.

Valuation fee
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 PDF for valuation and home buyer fees). Mortgage interest is charged on a daily basis.

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.

Qualification 

You need to be accepted by a local Help to Buy agent for the Help to Buy scheme. 

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 require a minimum 5% deposit from the applicant. 
 
For existing borrowers transferring onto this product the LTV will be calculated on the current loan outstanding and the indexed valuation held on our records. If the borrower feels the indexed valuation is inaccurate it can be reviewed by contacting our Customer Services department.

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. 

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
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.

For new build properties the mortgage offer is valid for up to 6 months. The application must be able to complete in the product timescales. Therefore, the new build property must be completed and available for occupation within 6 months of the mortgage offer.

Where existing borrowers transferring their mortgage are not in an early repayment charge period, the transfer must take place within two weeks of the 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.

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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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