6.59% Offset Mortgage 2.60% Discounted Rate from follow on rate for 2 years (XO0075) - XO0075

 

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6.59% 2 years 9.19% 60% £175* £999~ £100^ Yes Yes No

· Purpose - Offset applications for purchase, remortgage, product switch and further advance
· Options available - Balance reduction (only available for repayment mortgages) or payment reduction
· Discount - 2.60% applied to our Residential Investment Managed Mortgage Rate for 2 years
· Minimum rate - 4.09% 
· LTV - 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)
· ^Cashback - £100
· Early Repayment Charges - 2% in the first year and 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. £2,000 for further advance. No minimum for product switches
· Cost for comparison - 9.2% APRC
· 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.

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Minimum Documents You'll Need From Your Client

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

Fees for this product

Purchase and remortgage fees
· *Application Fee
- £175 + Valuation Fee
· 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.
· ~Product fee
- £999 for loans up to £500,000. For loans above £500,000 0.4% of loan amount. 

Further advance fees
· *Application Fee
- £125
· Valuation Fee - £0
· Product fee - £0
· Legal Fees - £100 + disbursements.

Product switch fees
No fees apply to switch to a new product with us on the same terms.

Procuration fees (gross fee paid)
·
For all types of procuration fees paid and for further fee information click here

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Affordability Calculator

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