Key Features
- Mortgage type
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- 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
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- 5.60% variable. Our SVR with a 1.00% discount for the first 3 years, changing to our SVR for the remainder of the mortgage, currently 6.60%.
- Maximum loan to value
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- 75 %
- Fees
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- There is a fee of £120 for further advance loans on your existing Newbury Building Society mortgage.
- Mortgage Exit Administration Fee (MEAF): £100
- Features
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- No Early Repayment Charge (ERC)
- Overpayments allowed
- Loan size
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- £2,500 (min) - £500,000 (max)
A mortgage of £50,120 (including an application fee of £120) payable over 10 years initially on our standard variable rate, currently 6.60% with a discount of 1.00% for 36 months giving a current rate payable of 5.60% and then on our standard variable rate, currently 6.60% for the remaining 7 years would require 36 monthly payments of £546.42 and 84 monthly payments of £564.63.
The total amount payable would be £67,200.04 made up of the loan amount plus interest
of £16,980.04 and a MEAF of £100.
The overall cost for comparison is 6.3% APRC representative.
WE HAVE NO CURRENT PLANS TO WITHDRAW THIS PRODUCT BUT IT MAY BE WITHDRAWN WITHOUT NOTICE.
YOUR MORTGAGE IS SECURED ON YOUR HOME. THINK CAREFULLY BEFORE SECURING ANY OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
- Available to existing borrowers only. The further advance is secured against your home. The term must be between 5 and 35 years.
- 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%.
- 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.
- Further advances must complete within three months of the date of the further advance offer.
- 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.
- 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.
- 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.
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