The Newbury Building Society was established in 1856 under the name of The Newbury Permanent Benefit Building and Investment Society. It was set up to be an independent, mutual society which helped serve the community in providing mortgages and savings. Since 2017, the Society has now recorded assets of over £1 billion and being a mutual organisation is owned by its members in order to create long-term value.
Newbury offers a range of mortgage products to cater for a wide variety of customers and their individual needs. They provide residential mortgages to a range of applicant ages, but in particular to later life homeowner(s) who still have the capacity to repay a mortgage upto age 90. This rationale has also led to Newbury launching their Retirement Interest Only Mortgage (RIO).
Later Life Residential mortgages can either be arranged on interest-only or capital and repayment basis, but must come with a fixed end date. They are available to older homeowners who have the means to meet monthly payments over a fixed term and repay the mortgage using a suitable repayment strategy.