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.