Who can blame you for wanting to know more about Newbury Building Society's products for later-life lenders when the equity release market is growing like it is?

Retirement is becoming expensive, and you may need some extra cash to see you through your golden years comfortably.

You may have decided that you need a provider such as Newbury Building Society and want to discover what product options it could offer you - especially those that serve as alternatives to equity release.

At SovereignBoss, our research team has spent countless hours reviewing equity release information and putting it together in an easy-to-use format.

Therefore:

NOTE: SovereignBoss is an impartial and unconnected third-party information provider via this website, and the details replicated in this commentary represent the opinions of SovereignBoss only and may not reflect the views or opinions of Newbury Building Society. This article must not be interpreted as advice, nor is it a solicitation to conduct transactions in any financial product provided by Newbury Building Society.

Who Is Newbury Building Society?

Newbury Building Society was first established more than 165 years ago and was first known as The Newbury Permanent Benefit Building and Investment Society.¹ 

In 2017 Newbury Building Society was said to have an asset value of just over £1bln.²

With ten convenient branches situated throughout the UK, Newbury Building Society has expanded to include over 70,000 members.³

The society offers its members both mortgage and savings services.

Why Consider Newbury Building Society?

You could consider Newbury Building Society because it is a well-established mutual society that has been around for more than 165 years.

Furthermore, it is a lender specialising in mortgages for those over 55.

It is authorised and regulated in the UK by the FCA⁴ and the PRA⁵ and is part of the FSCS⁶, which protects you as a client.

Newbury Building Society was also awarded “Best Specialist Mortgage Provider” in the British Bank Awards 2022⁷.

What Services Does Newbury Building Society Offer?

Newbury Building Society offers its members mortgage and savings-related services.

Its standard mortgages are available to members until they are 90, and the retirement interest-only mortgage is available to those over 60.

Their products:

Mortgages

• Self-employed mortgage
• Retirement interest-only mortgage
• First-time buyer mortgage
• Moving home mortgage
• Remortgaging
• Shared mortgage
• Self-build mortgage
• GoGreen mortgage
• Buy-to-let mortgage

Savings

• Easy access accounts
• Children’s savings
• Deposit account
• Business savings
• Cash ISA accounts
• Restricted access accounts

Does Newbury Building Society Offer Equity Release and Lifetime Mortgages?

No, Newbury Building Society does not offer equity release and lifetime mortgages, but it has other options for those looking to borrow in later life that could be an alternative.

Does Newbury Building Society Offer Any Alternatives to Equity Release?

Newbury Building Society does offer alternatives to equity release in the form of mortgage products suitable for retirees.

Products for later life lenders:

• A retirement interest-only mortgage that is available to those over 60 until 99.
• A standard mortgage that is available to anyone but has an upper age limit of 90, making it accessible to retirees as well.

Newbury Building Society’s Later-Life Mortgage Product Features

Let's take a look at the features of the later-life mortgage products from Newbury Building Society more closely.

More details:

Standard Mortgages

The standard mortgages available from Newbury Building Society are for anyone over 18, and the term can run until the borrower's 90th birthday.

With this type of loan, you could remortgage well into your golden years at a favourable rate and release equity while doing so.

Retirement Interest-only Mortgage

Retirement interest-only mortgages from Newbury Building Society are available to those who are over 60 but are under 99 years of age for a new property or to remortgage.

To apply, you need to have a minimum income of £30,000, a home value of at least £125,000, and application fees are £600 or £850 if it is a remortgage deal.⁸

This plan has no fixed term, and you only have to repay the monthly interest amounts; however, you will pay early repayment charges if you pay it off within three years after acceptance.

The interest rate of 5.97% to 6.28%* is valid for the first five years, with a maximum LTV of 50%.⁹

The added bonus is that overpayments are accepted, and the first £700 of the valuation fee is included.

*While we regularly review our rates, these may have changed since our last update.

What Are the Interest Rates on Newbury Building Society's Equity Release Alternatives’?

The interest rates offered by Newbury Building Society are product-specific and deal-dependent.

At the moment fixed interest rates for equity release start from 5.97% to 6.28%* AER.

If you wish to see what the latest equity release rates are, you can see them here.

*While we regularly review our rates they may have changed since our last update.

More details on RIO mortgages and Standard mortgage rates:

Standard Mortgage Interest Rates

The fixed interest rate on Newbury Building Society's standard mortgages is discounted for the first 3 or 5 years at between 5.97% to 6.28%*.¹⁰ 

After the initial discounted period, these rates rise to between 4.2% and 5.6%* APRC.

RIO Mortgage Interest Rates

RIO mortgages attract an approximate rate of between 5.97% to 6.28%* APRC.¹¹

*While we regularly review our rates, these may have changed since our last update.

What Are Newbury Building Society’s Fees?

Newbury Building Society’s fees differ according to the product or plan you take out with it.

Fees by product:

• Standard mortgage fees - Start from £300 to £1,550 depending on your plan.
• Retirement interest-only mortgage - £600 for new buyers, £850 for those doing a remortgage, and £100 for the exit admin fee⁷.

Does Newbury Building Society Have an Alternative to an Equity Release Calculator?

Yes, Newbury Building Society does have alternatives to an equity release calculator in the form of various mortgage calculators available on its website.

If you are specifically looking for an equity release calculator you could use our one below to assist you.

What Are The Advantages and Disadvantages of Using Newbury Building Society?

The advantages and disadvantages of using Newbury Building Society are that it has a retirement interest-only mortgage for those aged 60 to 99, but there are no equity release plans on offer.

More details:

Newbury Building Society Pros

The pros of Newbury Building Society include that it is authorised and regulated in the UK by the FCA and PRA and has been in business for over 165 years.

More information:

• It is authorised and regulated in the UK by the FCA and the PRA, and you are protected by the FSCS.
• The upper age limit is 90 on the standard mortgage range and 99 on the retirement interest-only option.
• Newbury Building Society was established more than 165 years ago.
• The rates it offers on retirement interest-only mortgages are discounted for five years at a low 5.97% to 6.28%*.
• Valuations are included up to £700.

Newbury Building Society Cons

The cons of Newbury Building Society include that you need to be over 60 to qualify for an RIO mortgage and it does not offer equity release.

More information:

• To qualify for retirement interest-only mortgages, you need a minimum income of £30,000 and a home value of £125,000.
• You need to be over 60 for a retirement interest-only mortgage, but with other providers, you can be 55 for a lifetime mortgage.
• Newbury Building Society does not offer equity release.

How Did We Review the Information on Newbury Building Society and Equity Release?

We reviewed Newbury Building Society's information by gathering all the data on its products and criteria and then adding it to this independent review so it is easy for you to use.

SovereignBoss is a third-party reviewer and is not affiliated with Newbury Building Society.

Customer Reviews

Here are some customer reviews about Newbury Building Society so you can decide for yourself.

• Newbury Building Society Reviews on Smart Money People.
• Customer review for Newbury Building Society on Trustpilot.

Newbury Building Society Complaints

To lodge a complaint with Newbury Building Society, you can contact them in the following ways:

• By post - 90, Bartholomew Street, Newbury, West Berkshire, RG14 5EE.
• Visit - you can go to your branch.
• By phone - on 01635 555700.
• By email - complaints.mailbox@newbury.co.uk

Newbury Building Society strives to resolve complaints within ten working days however, if not possible, it will write to you to acknowledge receipt. Full resolution can be expected in eight weeks in accordance with financial services regulations.

Newbury Building Society FCA Details

Trading Names: 

Newbury Building Society.

FCA Permitted Services

• Banking
• Mortgages and home finance
• Consumer credit
• Investments

Regulators

• Financial Conduct Authority
• Prudential Regulation Authority

Registration Numbers 

• Firm reference number 206077
• Registered company number 0000384B
• Mutual society number 34B

FCA and Companies House Link

• FCA Link: FCA Link
• Companies House Link: Companies House Link

Newbury Building Society Contact Number and Address

• +44 1635 555700
• 90, Bartholomew St, Newbury RG14 5EE, United Kingdom.

Common Questions

Conclusion

Although Newbury Building Society does not offer equity release, it has a great standard mortgage and retirement interest-only mortgage available to retirees.

The options it has could easily be used as an alternative to equity release for later-life lenders.

We always recommend that you seek financial advice before considering Newbury Building Society for an equity release alternative.

The features mentioned and the amounts raised, are subject to the lender’s criteria, terms and conditions. These may take into account the age, health and lifestyle factors in order to provide an enhanced amount. To understand the features and risks, ask for a personalised illustration.