Made to measure fixed rate until 27 February 2028 75% LTV

Key Features

Mortgage type

A fixed rate mortgage has an interest rate that stays the same for a set period of time. During the fixed rate period your monthly repayments stay the same. At the end of the fixed rate period the interest rate will change, usually to the lender's standard variable rate (SVR).

Interest rates

5.19% fixed until 27 February 2028 changing to our Standard Variable Rate (SVR) for the remainder of the mortgage, currently 6.60%.

Maximum loan to value

75 %

Fees

Application Fee: Existing borrower product transfer £0
Application Fee: Purchase £850
Application Fee: Remortgage £850
Mortgage Exit Administration Fee (MEAF): £100

Features

Overpayments allowed
Newbury Building Society will pay the first £700 of the standard mortgage valuation (this will cover properties valued up to £1,000,000).
Portable
'Free legals' for remortgages

Loan size

£50,000 (min) - £1,000,000 (max)

Early repayment charge (ERC)

ERC is 3% to 27 February 2027 and then 2% to 27 February 2028 of the original loan amount.
The Early Repayment Charge (ERC) period applies from the date of completion.
For this product the ERC period is until 27 February 2028.
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.

Eligibility

The property must be located in England or Wales.
The mortgage term must be between 5 and 35 years.
Available to those purchasing or remortgaging their residential home subject to product terms.
Remortgages for repayment of existing mortgage and/or home improvements only.
The property must be located in England or Wales. All properties in the following London postcodes are restricted to 60% loan to value: E, EC, N, NW, SE, SW, W, WC. Flats in the following London postcodes are restricted to 60% loan to value CR, EN HA, IG, KT, RM, SM, TW UB.
Minimum property value of £150,000

Representative example

A mortgage of £62,850 (including an application fee of £850) payable over 13 years initially on a fixed rate for 3 years at 5.19% and then on our standard variable rate, currently 6.60% for the remaining 10 years would require 36 monthly payments of £554.80 and 120 monthly payments of £591.42.

The total amount payable would be £91,043.20 made up of the loan amount plus interest of £28,093.20 and a MEAF of £100.

The overall cost for comparison is 6.2% APRC representative.

Additional information

WE HAVE NO CURRENT PLANS TO WITHDRAW THIS PRODUCT BUT IT MAY BE WITHDRAWN WITHOUT NOTCE.

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.

Legal costs

For remortgages, we can carry out the legal work for you using title insurance.
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/Licence Holders and they are registered on The Law Society website (www.lawsociety.org.uk). Licenced conveyancers are also acceptable for residential business only. The conveyancer must be registered with the Council of Licenced Conveyancers and be in a firm with at least four Approved Managers/Licence Holders.

Incentives

We will pay the first £700 of the standard mortgage valuation, (this will cover properties valued up to £1,000,000). If your valuation fee is more than £700 (i.e. your property value is more than £1,000,000), you are responsible for paying the difference.
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).
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 disbursements 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. 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. 'Free legals' are not available on Limited Company Buy to Lets.

Maximum loan to value

Loan to value (LTV) is the proportion of the value or price of the property (whichever is 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 over 70% LTV must be on a capital and interest repayment basis.

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 European Standardised Information Sheet (ESIS) for details.

Timescales

House purchases must complete within six months of the date of the formal mortgage offer. Remortgages must complete within three months from the date the application is received.

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.