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Newbury Building Society


Newbury Building Society is based in Newbury, Berkshire and as it was established in 1856, it is one of the oldest surviving building societies in the UK.

The Society is an independent, mutual that has been serving the community for over 160 years, providing mortgages and savings for its members. As such, Newbury Building Society is owned by its members and are committed to creating long-term value for them.

Newton offers a single, 5-year discounted rate RIO mortgage for borrowers over 60 which offers a maximum lending of 50% of the value of the property (the LTV). While application fees are payable, Newton will pay up to £700 towards your valuation and it also offers free legals for those who are remortgaging.

As the RIO is a discounted rate mortgage, overpayments are allowed but there is a 3 years period where early repayment charges (ERCs) are payable – but these are tapered. During the ERC period, overpayment can still be made up to 20% of the original loan amount.

As with most RIO mortgage lenders, the Newbury will access your income and expenditure to access your affordability but unlike some other building societies, you are able to use the money raised for whatever you have in mind – such as helping your children onto the property ladder.

Do the high street banks offer lifetime mortgages?

The ‘big 6’ high street banks - that is Halifax, Barclays, Lloyds, HSBC, Santander and Royal Bank of Scotland (RBS) don’t currently offer lifetime mortgages or other equity release plans themselves.

Recently, Nationwide entered the lifetime mortgage market but instead of offering its own range of plans, it refers its members to Pure Retirement

Call us anytime

We understand that with different options to choose from, it can be difficult to find the right lifetime mortgage plan provider for you. That’s why our team of expert and impartial advisers are on hand to answer all your questions and find the right solution for you.

It costs nothing to give us a call and the first and only person you’ll speak to is your local adviser. That’s because we don’t have call centres. Just highly qualified and experienced advisers ready to help you.