Newbury Building Society

Newbury Building Society was founded in 1856. Originally it was under the name "The Newbury Permanent Benefit Building and Investment Society". After a series of amalgamations along the last century it has grown stronger than ever. Today it has £500 million in total assets. Newbury is mutual, so it does not have to pay dividends to shareholders. Hence Newbury can invest profits into better savings and mortgage rates for the benefit of its members. The society is committed to remaining mutual.

Newbury provides the following mortgage types in England and Wales:

• Stepped Discount
• Discount
• Standard Variable Rate

Stepped Discount: your rate will depend on how much of a deposit you can put down. Your rate is stepped for three years. Then your mortgage will convert to the Society's standard variable rate.

• An application fee is payable
• An early repayment charge is payable if you repay your mortgage in full within the first 3 years
• You can repay up to 10% of your original loan yearly in lump sum or in a series of overpayments, without charge
• Interest is calculated on a daily basis
• This mortgage is portable

Discount: your rate will depend on how much of a deposit you can put down. Your starting rate will be set at a discount off a variable rate for 3 a year period. After the discount period has concluded your rate will go back to the Society's standard variable rate.

• There is no arrangement fee
• An early repayment fee is payable if you repay your mortgage in total within the first 3 years
• You can make overpayments or lump sum payments without charge through the life of the mortgage, as long as you do not repay the full loan during the initial three years
• Interest is calculated on a daily basis
• This mortgage is portable

Standard Variable Rate: Your mortgage will be set at the Society's standard variable rate.

• There is no arrangement fee
• There is no early repayment charge
• Interest is calculated on a daily basis
• This mortgage is portable

Newbury offers a Buy to Let mortgage if you want to finance a property to let or re-mortgage a let property within the Newbury local lending area, it will, however consider suggestions outside this area.

• Each mortgage application is assessed on an individual basis.

Discount: your rate is set at a discount off the Newbury's standard variable rate for a 3 year period. It then converts to the standard variable rate for the remaining mortgage term.

• Interest is calculated on a daily basis
• An arrangement fee is payable
• An early repayment charge applies for the first 3 years
• This mortgage is portable

Newbury also has commercial mortgages which are available to purchase or re-mortgage a commercial property within the Newbury local lending area, it will, however consider suggestions outside this area.

• Each case is taken on its individual merits, so the terms will vary according to your business background, experience and the security you are offering.

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