According to the lender, the two new products are a 3 year fixed at 2.99% - 85% LTV and a 3 year discount at 2.44% - 85% LTV. The fixed rate and variable product is suitable for borrowers looking to remortgage like-for-like: the customer remortgages the current mortgage balance they have with a different lender and keep all of their government loan.
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.
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.
We value feedback from customers and the market alike, and action where we can to ensure people can continue buying their own homes.”
