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Mutual Respect

From your local mortgage and savings experts

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Self Build

Our Self Build mortgage is available for those looking to finance the construction of a new property to live in. For more information on our Self Build mortgage please speak to one of our Qualified Mortgage Advisers.

Self Build

Key Features

Product Initial Interest
Rate
Period Max
LTV
Fees
Self Build 4.7% Variable  (Our SVR plus 0.50%) Term 75% Purchase: 1%
Remortgage: 1%
Valuation fee applies

A mortgage of £100,000 payable over 16 years on our standard variable rate, currently 4.2% plus 0.50% giving a current rate of 4.7% for the mortgage term of 16 years would require 192 monthly payments of £744.56 plus one initial interest payment of £391.67.

The total amount payable would be £143,992.63 made up of the loan amount plus interest of £42,602.63, an application fee of £1,000, a valuation fee of £275 and a MEAF of £115.

The overall cost for comparison is 5% 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 applies from the date of completion.
  • For this product the ERC period is 3 years from date of completion.
    ERC is 3% in year 1, 2% in year 2 and 1% in year 3 of the original loan amount
  • 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: 1% of total amount of borrowing.

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WE HAVE NO CURRENT PLANS TO WITHDRAW THIS PRODUCT BUT IT MAY BE WITHDRAWN WITHOUT NOTICE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

Calculate your monthly payment

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What is your property's value? What term are you looking for?
Repayment type?  

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Please complete the fields and click 'Calculate' to receive an approximate monthly payment.

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 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. Minimum property value of £125,000.

Loan size:

£50,000 (Min) - £500,000 (Max)

Interest
Mortgage interest is charged on a daily basis.

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.

Standard mortgage 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 booklet 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

  • Overpayments allowed

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%.

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 exisiting Newbury Building Society Mortgage

The application fee is worked out as a percentage of the total amount of borrowing requested, even if the final amount borrowed from the Society is less than was originally requested.

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.

Other charges 
Charges applying to the ongoing administration of your self build 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
01635 555777  or request a call back:

Name:
Phone:
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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