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Mortgage payment difficulties? We may be able to help. Find out more
6.84% Offset Mortgage 1.70% Discounted Rate from follow on rate for 2 years (XO0057)
The mortgage will be secured on your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
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 Managed Flexi Mortgage Rate for 2 years
- Minimum rate - 4.19%
- Loan to Value - Maximum 60%
- Application Fee - £175 + Valuation Fee for purchase and remortgage. (£125 for further advance, £0 for product switch)
- Valuation Fees - Free for properties up to £500,000. For properties above £500,000 the standard valuation fee scale applies, less £330 discount. (£0 for further advance and switch)
- ~Product Fee - £999 for loans up to £500,000. For loans above £500,000, 0.3% of the loan amount. (£0 for further advance and switch)
- Additional benefits:
- ^Cashback - £500 on completion for remortgage applications towards legal costs, and £100 for remortgage and purchase applications added to Offset Saver.
- Maximum loan - No maximum.
- Minimum loan - £45,000 for purchase and remortgage. £2,000 for further advance. No minimum for product switches.
- Cost for comparison - 8.4% APRC
- Early Repayment Charges - 2% in the first year, 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 will be used to open your linked Offset Saver account: £100 for remortgages and purchases.
- Additional features - Overpayments and partial capital repayments allowed. Overpayments build up a credit position to be used for future underpayments, payment holidays and borrow back - allowed to the remaining value of previous overpayments with our prior agreement. 100% of the loan amount can be offset.
A mortgage of £198,426.00 payable over 10 years initially on a discounted variable rate for 2 years at 1.70% below our variable Managed Flexi Mortgage Rate and then on our variable Managed Flexi Mortgage Rate, currently 8.54% would require 23 monthly payments of £2,287.56 and 97 monthly payments of £2,429.32 plus one initial interest payment of £1,122.01.
The total amount payable would be £290,653.93 made up of the loan amount plus interest of £90,953.93, an Application Fee of £175, a Product Fee of £999 and a Mortgage Exit Fee of £100.
The overall cost for comparison is 8.4% APRC representative.
More downloads & what you'll need to apply
More mortgage downloads
We carry out an electronic ID check on all applicants. If this fails you will need to provide us with ID documents.
• Three full months most recent consecutive bank statements for all current accounts, to evidence all income and outgoings. Bank statements must show the applicants name, account number, sort code and bank logo.
If you're renting your current home you'll need:
• 12 months statements showing rent payments.
If you already have a mortgage you'll need:
• Proof of mortgage payments - we carry out an electronic credit check on all applicants which usually confirms this. However if this fails, we will need proof. This can be provided from 12 months bank statements, the latest mortgage statements, or a combination. To speed up our underwriting, you can provide these on submission.
Proof of income
If you're employed in a company you'll need:
• Three months most recent payslips
• Most recent P60.
If you have property or investment income you'll need:
• Two years most recent SA302s.
If you're self employed you'll need:
• Two years most recent accounts or two years most recent SA302s / Tax Calculations (100% Completed) or Family Building Society Accountant’s Certificate
• Accountant’s details on the application form.
If you are already retired or if the term of your mortgage term goes beyond retirement or age 70 you'll need:
• Most recent Pension Statement or letter from Department for Work and Pensions
• Most recent annual Pension Statement
• Most recent P60.
Evidence of deposit for purchases:
• Evidence of deposit in an account held by the applicant(s)
• For gifted deposits, we require evidence of the funds in a UK account and the giftors details (name, date of birth, relationship to applicants).
If you already let a property you'll need:
• Evidence of rent being paid in and mortgage being paid out (bank statements requested above may already cover this).