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Newbury expands mortgage range

Newbury Building Society has added the Newbury five mortgage to its range of products.

The mortgage has a 0.2 per cent discount for the first five years of the mortgage, giving it a payable rate of 6.55 per cent for loans up to 95 per cent of value. It is available for first time buyers and people looking to remortgage.

Newbury five also has income multiples of 3.5 times principal income plus second, which places it rather higher than the industry norm of three times principal income plus second. There are no extended redemption penalties.

According to Moneyfacts the most competitive five-year discount mortgage on the market at the moment is the 5.89 per cent mortgage from Nottingham Building Society which has a discount of 1.6 per cent, giving it a payable rate of 5.89 per cent.

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