6.49% Offset (2.45% discounted rate from follow on rate) for 2 years (XO0076) - XO0076

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Initial Rate	Initial Rate Duration	Follow On Rate	Max. LTV	Application Fee	Product Fee	Repayment	Interest Only	Limited Company
6.49%	2 years	8.94%	70%	£175*	£999~	Yes	Yes	No

Purpose - Offset applications for Purchase and Remortgage
Options Available - Payment reduction or Balance reduction. Balance reduction only available for repayment mortgages.
Discount - 2.45% applied to our Residential Investment Managed Mortgage Rate for 2 years
Minimum Rate - 4.24%
Loan to Value - Maximum 70%
*Application Fee - £175 + Valuation Fee
Valuation Fees (Purchase) - Full standard valuation fee scale applies
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 (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 the loan amount
^Cashback - £100 to open and fund linked Offset Saver account
Early Repayment Charges - 2% in the first year, 1% in the second year
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
Cost for comparison - 9.0% APRC

All applicants

ID documents if the electronic check we carry out on the applicant fails
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 these on submission.

Remortgage applicants

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).

Purchase applicants

Evidence of deposit in a UK account held by the applicant(s)
For gifted deposits, we require a signed gifted letter from the giftor plus evidence of funds in a UK account.

Applicants with four or more mortgaged Buy to Let properties

We will treat these applications as a portfolio landlord and we require details of their full portfolio and a business plan. For the assets and liabilities form and the business plan checklist, please click here.

Fees for this product

Purchase and Remortgage fees

Application Fee - £175 + Valuation Fee
Valuation Fees (Purchase) - Full standard valuation fee scale applies
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 (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 the loan amount.

Procuration Fees (gross fee paid)

For all types of procuration fees paid and for further fee information, please click here.

Criteria checker

Can we help your client? Use our tool to find out.
Simply type your criteria to see our levels of acceptance and flexibility.

Find out how much your residential client may be able to borrow. To see affordability for a Buy to Let client, use our Buy to Let calculator