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Buy to let 5 Year Discount - Remortgage Only

Looking for a buy to let property mortgage? This Buy to let variable mortgage is available to you if you are looking to remortgage a let property.

Buy to let 5 Year Discount - Remortgage Only

Key Features

Product Initial Interest
Rate
Period Max
LTV
Fees
Buy to let 5 Year Discount - Remortgage Only 3.2% Variable  (Our SVR with a 1.00% discount) 5 Years 75%
Remortgage: £950
Valuation Fee

A mortgage of £169,000 payable over 24 years initially on our standard variable rate, currently 4.2% with a discount of 1.00% for 60 months giving a current rate payable of 3.2% and then on our standard variable rate, currently 4.2% for the remaining 19 years would require 60 monthly payments of £450.67 and 228 monthly payments of £591.50 plus one initial interest payment of £59.27.

The total amount payable would be £332,276.47 made up of the loan amount plus interest of £161,961.47, an application fee of £950, a valuation fee £250 and a MEAF of £115.

The overall cost for comparison is 4% 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.

Is an Early Repayment Charge (ERC) payable?:

  • The Early Repayment Charge (ERC) period is 5 years from the date of completion.

  • The ERC is 2% 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 the mortgage in full during the ERC period.  The ERC will also be levied on previously permitted overpayments.

Fees:

Application Fee: £950

Mortgage Exit Administration Fee (MEAF): £115

Standard mortgage valuation fee:

Yes, see additional information below. 

WE HAVE NO CURRENT PLANS TO WITHDRAW THIS PRODUCT BUT IT MAY BE WITHDRAWN WITHOUT NOTICE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

Important information

Buying to let can provide you with an income and may bring a return on your capital in the medium to long-term. However, economic change within the UK means demand for rented properties fluctuates, so you should do some research before deciding to enter the buy to let market. Our Mortgages explained PDF gives some basic tips on buying to let.

The tenancy agreement must be an assured shorthold tenancy for either six or twelve months. We use rental income to assess affordability and you do need to be employed/self-employed, resident in the UK and show that your finances are self-supporting. The rental income from the property must cover 135% of an interest only mortgage payment based on our stressed rate, currently 5.99%. We ask our valuer to assess the potential rental value of the property when carrying out the mortgage valuation. Each mortgage application is assessed on an individual basis. The property you are buying or refinancing will be used as security for the loan on a first charge basis.

This product is not regulated mortgage contract unless the tenant is a relative of the borrower.

Availability 
Our Buy to let variable mortgage is available to you if you are looking to remortgage a let property. Applicants must own and occupy their main residence. Properties must be located in the following post code 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. The maximum number of properties is 10. The mortgage term must be between 5 and 25 years. Minimum property value of £125,000.

We will also consider properties in London and the surrounding area in the following postcodes: WC, EC, E, SE, N, NW, W and SW. These postcodes are restricted to 60% LTV.

Loan size:

£50,000 (Min)  -  £500,000 (Max)

The loan must not exceed 75% of the property’s purchase price or valuation (the lower of the two). 

Interest
Mortgage interest is charged on a daily basis. 

Legal costs
Legal work is required when remortgaging a property to let. This 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.

Valuation fee 
A valuation of the property and rental income assessment will be required to assess the security offered for the loan. We offer the choice of either a basic mortgage valuation, which is for us to assess security only, or a Home Buyer’s Report that will give you a more comprehensive guide to the condition of the property. It is payable in advance and cannot be refunded once the valuation has taken place (see our Mortgages explained PDF for full details). If you would like a full building survey, we will give you the names of some local surveyors who you can contact to give precise instructions and negotiate a price. 

Incentives

  • Free legals for remortgages
  • Overpayments allowed
  • Portable

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 disembursements 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 £75,000 mortgage on a house valued at £100,000 would mean a LTV of 75%.

Fees
The application fee can be added to the mortgage and is 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 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.


Portability 
This mortgage is portable. This means that if you sell your rented property within the early repayment charge period and take out another mortgage on the same terms and for the same amount (or more) on another property, we will waive the early repayment charge and carry it over to the new mortgage (providing the terms and status are acceptable). If the loan amount is lower, there may be a charge based on the difference between the old and the new amount. 

Other charges 
Charges applying to the ongoing administration of your Buy to let mortgage are detailed in our Tariff of charges PDF, which you will be given before your mortgage completes. 

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

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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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Speak to one of our expert advisers on
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Email:
Reason for Call Back: Existing Mortgage   New Mortgage  
Local Branch:
Preferred Day to Call:
Preferred Time of Day:
On Saturdays we are only able to call in the morning due to branch opening times.

We will only use these details for the reasons requested.
 
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