Newbury cuts shared ownership product rates

Newbury Building Society has cut rates on its three- and five-year shared ownership fixes.

The three-year fix, which is set at 95 per cent LTV, has been cut from 3.99 per cent to 3.79 per cent.

This product allows for up to 10 per cent of the original loan amount to be over paid per year and has an ERC of 3 per cent in the first year, which falls to 2 per cent in 2022.

The five-year fix, also at 95 per cent LTV, has been reduced from 4.79 per cent to 4.69 per cent.

As above, this product allows overpayments up to 10 per cent of the original loan amount a year, but has an ERC or 5 per cent in its first year, which progresses downward to 2 per cent in 2024.

Last week, Newbury issued a new two-year shared ownership product, fixed at 3.79 per cent.

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