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Mortgage payment difficulties? We may be able to help. Find out more
7.49% Offset Mortgage 1.70% Discounted Rate from follow on rate for 2 years (XO0061)
Key things to bear in mind
- Purpose - Offset applications for purchase, remortgage, product switch and further advance
- Options available - Term reduction or Payment reduction. Find out more about these options here
- Discount - 1.70% applied to our Residential Investment Managed Mortgage Rate for 2 years
- Minimum rate - 4.84%
- Loan to Value - Maximum 60%
- Application Fee - £175 + Valuation Fee (£125 for further advance, £0 for switch)
- Valuation Fees (Purchase) - Based on the greater of the purchase price or value of the property.
- Valuation Fees (Remortgage) - Free for properties up to £500,000. For properties above £500,000 the standard valuation fee scale applies, less £330 discount.
- Valuation Fees (Further advance and Product Switch) - £0
- Valuation Fees (Multi Unit Freehold Blocks) - A separate valuation fee scale will apply for this property type. For purchase applications, the full Multi-Unit Freehold Block valuation fee scale will apply. For remortgage applications, a discount of £330 from the Multi-Unit Freehold Block valuation fee scale applies.
- ~Product fee - £999 for loans up to £500,000. For loans above £500,000 0.4% of loan amount. (£0 for further advance and switch)
- Maximum loan - No maximum. Loans above £500,000 should be referred to us for specific agreement before submission of an application
- Minimum loan - £45,000 for purchase and remortgage. £2,000 for further advance. No minimum for product switches.
- Cost for comparison - 9.4% APRC
- Additional benefits:
- ^Cashback - £100 for purchase and remortgage
- Early Repayment Charges - 2% in the first year and 1% in the second year
- Additional criteria - You are required to open an Offset Saver account in conjunction with this mortgage. On completion of the mortgage, a cashback amount of £100 will be used to open your linked Offset Saver account.
More downloads & what you'll need to apply
More mortgage downloads
Proof of income
Applicants are required to have an existing UK mortgage. We carry out an electronic credit check on all applicants which may show the performance of these. If this fails to show their existing mortgage(s), 12 months proof of conduct is required. To speed up our underwriting, you can provide this on submission.
- For remortgages, a copy of the existing/proposed tenancy agreement.
- Evidence of rent being paid in and mortgage being paid out (bank statements may already cover this).
- Evidence of deposit in a UK account held by the applicant(s)
- For gifted deposits, we require a signed gift letter from the giftor plus evidence of funds in a UK account and the giftors details (names, date of births, relationship to applicants).
- Offset Saver application form.
- We will treat these applications as a portfolio landlord and we require details of their full portfolio and a business plan.