3 year discount 90% LTV

Key Features

Mortgage type  

• With a discounted rate mortgage, the lender's standard variable rate (SVR) is discounted for a specific period of time. The interest rate will vary as the lender's standard variable mortgage rate moves up and down but the amount of discount will remain the same.

Interest rates 

• 5.59% variable. Our Standard Variable Rate (SVR) with a 1.01% discount for the first 3 years of the mortgage, changing to our SVR for the remainder of the mortgage, currently 6.60%.

Maximum LTV 

• 90 %

Fees 

• Application Fee: Purchase £850
• Application Fee: Remortgage £850
• Application Fee: Existing borrower product transfer £0
• 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).
• No higher lending charge
• 'Free legals' for remortgages

Loan size 

• Purchase: Min = £50,000. Max up to 80% LTV = £600k, up to 85% LTV = £500k, up to 90% LTV = £450k
• Remortgage: Min = £50,000. Max up to 80% LTV = £600k, up to 85% LTV = £500k, up to 90% LTV =£400k
• (£40,000 minimum loan for existing borrowers transferring onto the product)

Early repayment charge (ERC) 

• The Early Repayment Charge (ERC) period applies from the date of completion.
• For this product the ERC period is 3 years from the date of completion.
• ERC is 3% in year 1, 2% in year 2 and 1% in year 3 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 20% 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 20% 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 mortgage term must be between 5 and 35 years.
• Available to those purchasing or remortgaging their residential home subject to product terms.
• Also available for existing borrowers to transfer their existing mortgage into, subject to payment of any ERC's that apply on their current mortgage and for existing borrowers moving house.
• 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