Newbury launches two Help to Buy remortgage products

Ryan Bembridge

June 12, 2019

Newbury Building Society has launched two Help to Buy remortgage products.

The products are a 3-year fix at 2.99% to 85% loan-to-value and a 3-year discount at 2.44% to 85% LTV, with a standard valuation fee.

The products can be used for those who want to remortgage like-for-like, where the customer keeps all of the government loan, or if they want to partially staircase by paying off some of the government loan.

Roger Knight, lending manager at Newbury Building Society, said: “There is a lack of options for people remortgaging with the Help to Buy equity loan scheme as highlighted over recent months.

“As a result, we listened and taken into account the need for flexibility; removing the pressure of having to remortgage away from the scheme in its entirety.”

Knight added: “We value feedback from customers and the market alike, and action where we can to ensure people can continue buying their own homes.”

The society also caters for those looking to repay their equity loan in its entirety, with these borrowers qualifying for its standard residential mortgage product range.

Both remortgage products allow overpayments and the society will pay one standard valuation fee.

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