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Mutual Respect

From your local mortgage and savings experts

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Shared Equity Variable

We want to help first time buyers. The Shared Equity scheme provides an equity loan to reduce the amount needed for a deposit. For more information please contact us. This Shared Equity mortgage lets you buy your home with only a 5% deposit. The interest rate you pay can go up or down during the 3 year period in line with our Standard Variable Rate (SVR). We decide when to change the Standard Variable Rate, which is usually in line the Bank of England’s base rate.

Shared Equity Variable

Key Features

Product Initial Interest
Rate
Period Max
LTV
Fees
Shared Equity Variable 4.2% Variable  (Our SVR) Term 75% Purchase: £600
Valuation fee applies

A mortgage of £155,250 payable over 35 years on our standard variable rate, currently 4.2% for the mortgage term of 35 years would require 420 monthly payments of £707.29 plus one initial interest payment of £268.40.

The total amount payable would be £298,045.20 made up of the loan amount plus interest of £141,830.20, an application fee of £600, a valuation fee of £250 and a MEAF of £115.

The overall cost for comparison is 4.3% 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:

0%

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. 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 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

Mortgage Exit Administration Fee (MEAF): £115

Standard mortgage valuation fee:

Yes

 

WE HAVE NO CURRENT PLANS TO WITHDRAW THIS PRODUCT BUT IT MAY BE WITHDRAWN WITHOUT NOTICE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
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. Products are available to those purchasing their residential home, through Society approved shared equity schemes (ask for details), 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.

Loan size:

£50,000 (Min) - £500,000 (Max)

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.

Valuation fee
A valuation of the property 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. 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. See our Mortgages explained booklet for full details.

Incentives 

  • Overpayments allowed

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’ booklet for full details and implications of this risk for you). Mortgage interest is charged on a daily basis. 

Qualification
Available for purchases with an approved housing developer. 

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%. Maximum loan to value is 80%. Loans over 75% loan to value require a minimum 5% deposit from the applicant. 

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 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 purchases must complete within three months of the date of the formal mortgage offer. 

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.

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’ leaflet, 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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Speak to one of our expert advisers on
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Phone:
Email:
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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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