3 year discount

  • Initial rate:

    4.74% variable

  • APRC:

    5.9%

  • Product fees:

    £850 purchase

    £850 remortgage

    £0 Existing borrower transfer

  • Maximum LTV:

    90%

  • Early repayment charge:

    Yes

  • Portable
  • Free legals for remortgage
  • Overpayments allowed
  • Free valuation

Your home may be repossessed if you do not keep up repayments on your mortgage.

Interest rates:

  • During the first 3 years: 4.74% variable (Standard variable rate minus 1.41%)
  • After the first 3 years: 6.15% variable  (Standard variable rate)
  • For comparison purposes: 5.9% APRC

Maximum LTV:

  • 90%

Fees:

  • Purchase application fee: £850
  • Remortgage application fee: £850
  • Existing borrower product transfer application fee: £0
  • Mortgage exit administration fee (MEAF): £100

Loan size:

  • £50,000 (min) - £400,000 (max)
  • £40,000 (min) for existing borrowers transferring onto this product.

Features:

  • Newbury Building Society will pay for one standard valuation fee.
  • Free legals for remortgages.

Early repayment charge:

During 3 year deal:

  • Year 1 - 3% of loan amount
  • Year 2 – 2% of loan amount
  • Year 3 – 1% of loan amount

Overpayments:

During 3 year deal:

  • 20% of loan amount can be paid per year, without charge. 

Representative example:

A mortgage of £375,850.00 (including an application fee of £850) payable over 22 years initially on our standard variable rate, currently 6.15% with a discount of 1.41% for 36 months giving a current rate payable of 4.74% and then on our standard variable rate, currently 6.15% for the remaining 19 years would require 36 monthly payments of £2,295.28 and 228 monthly payments of £2,565.75.
The total amount payable would be £667,721.08 made up of the loan amount plus interest of £291,771.08 and a MEAF of £100.
The overall cost for comparison is 5.9% APRC representative. Please note this
illustration is based on a capital and repayment basis (interest only is also
available).

Who’s eligible to apply?

  • Available to those purchasing a new property
  • Remortgaging to Newbury Building Society from another lender
  • Existing borrowers looking to switch deal or purchase a new home
  • Property must be located in England or Wales (some London restrictions apply)

Fees:

  • Application fees can be added to the mortgage and are refundable if the mortgage does not take place. 
  • We will pay the first £700 of the standard mortgage valuation (this will cover properies valued up to £1,000,000). If your valuation fee is more than £700, you are responsible for paying the difference.
  • 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.
  • There is a fee of £120 for any addional borrowing on your existing Newbury Building Society mortgage.
  • A mortgage exit administration fee (MEAF) applies when you repay your mortgage. You may have to pay this if:
    Your mortgage term comes to an end;
    You transfer the loan to another lender; or
    You transfer borrowing from one property to another.

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. They can also be found on our website. 

Incentives:

  • Free legals apply to remortgages only. The legal work will be carried out and paid for by Newbury Building Society using title insurance. It covers HM Land Registry fees, a title insurance premium and other disbursements.
  • If for any reason the remortgage does not take place, you will need to pay any legal costs incurred (maximum £250).

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.