What you Repay

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This page provides general information. For more specific and tailored information please contact your mortgage intermediary

When you take out a mortgage with New Street or any other lender, you will need to repay it. All our mortgages require our customers to make regular monthly payments. If you are experiencing difficulties doing this, or expect that you are about to, please see our Help with Repayments page.

Types of mortgage

New Street offers repayment, interest only and part-and-part mortgage options. Your intermediary should have explained the options available to you and you can see which type of mortgage payments you make in your mortgage offer letter.

Repayment mortgage

If you have a repayment mortgage this means your monthly payments reduce the amount you owe us as well as paying off interest. If you make all your payments on time and in full your mortgage will be repaid by the end of the term.

Interest-only mortgage

If you have an interest-only mortgage this means your monthly payments only pay off the interest on your mortgage and do not pay off the mortgage amount. This means that although your monthly payments will be less than if you had a repayment mortgage the amount of interest you will have to pay will be higher than if you had a repayment mortgage as you will be paying interest on the full mortgage amount over the full term of our agreement with you. You will also need to make separate arrangements to repay the full mortgage amount at the end of our agreement with you, for example by starting a savings plan.

We may ask you for details of your repayment strategy from time to time and ask you to confirm this is on track to repay the mortgage amount at the end of our agreement with you.

Part and Part mortgage

You may have a mortgage which is part repayment and part interest only. If part of your mortgage is interest only you will only be paying interest on this part and you will need to make separate arrangements to repay the mortgage amount for that part at the end of our agreement with you.

New Street Mortgages – Lender Base Rate Setting Policy

Your mortgage interest rate affects the amount you have to pay each month. If you have a fixed rate mortgage, your interest rate will not change for the duration of the fixed term. If you have a variable interest rate mortgage, or your fixed term has come to an end, your interest rate may change from time to time. You can find out what type of interest rate applies to your mortgage, and how long any fixed term will last, in your mortgage offer letter.

Our Lender Base Rate is set using the 90 Day London Interbank Offered Rate known as 90 Day LIBOR (this is the rate at which banks will lend money to each other) with reference to our operating and funding costs. You can check 90 Day LIBOR here: 

90 Day Libor 

LIBOR is expected to cease to be available for use by mortgage lenders after December 2021. When this occurs, we will replace LIBOR with an appropriate alternative external rate. We will tell you which alternative rate we will use at least 1 month before we make the change.

Our current Lender Base Rate is 0.24% with effect from 10 May 2021.

Historic Lender Base Rates
10 February 2021 to 9 May 2021 - 0.21%
10 November 2020 to 9 February 2021 - 0.20%
10 August 2020 to 9 November 2020 - 0.23%
7 May 2020 to 9 August 2020 - 0.53%
10 February 2020 - 6 May 2020 - 0.91%
8 November 2019 - 9 February 2020 - 0.94%
9 August 2019 - 7 November 2019 - 0.92%
10 May 2019 to 8 August 2019 - 0.96%
8 February 2019 to 9 May 2019 - 1.04%
9 November 2018 to 7 February 2019 - 1.02%
10 August 2018 to 8 November 2018 - 0.96%
11 May 2018 to 9 August 2018 - 0.83%
13 February 2018 to 10 May 2018 - 0.69%
11 August 2017 to 12 February 2018 - 0.47%
11 May 2017 to 10 August 2017 - 0.47%
13 February 2017 to 10 May 2017 - 0.52%
11 November 2016 to 12 February 2017 - 0.56%
11 August 2016 to 10 November 2016 - 0.54% 
4 February 2016 to 10 August 2016 - 0.75%