Family Offset - 2.95% Tracker for Term |
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| Interest Rate |
| 2.95% offset tracker for term |
Overall cost for comparison |
| 3.45% |
3.5% APR** Variable |
| The rate payable is guaranteed to track the Bank of England Base Rate for the term of the mortgage from the inception date. The rate charged is the Bank of England Base Rate, currently 0.50%, plus 2.95% for term, giving a current pay rate of 3.45%. | |
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| Scheme Features |
| Maximum Percentage Loan |
80% of purchase price/valuation (60% for flats) |
| Minimum Loan |
£35,000 |
| Maximum Loan |
£350,000 |
| Early Repayment Charges |
None |
| Arrangement Fee |
£400 |
| Administration Fee |
£95 - non refundable, payable on application |
| Exit Fee |
£185 - Comprising:
Redemption Statement £60
Discharge Fee £75
Deeds Release Fee £50 |
| Help with Legal Fees? |
Yes (for further details see below) |
| Help with Valuation Fee? |
Yes (for further details see below) |
| Help with Optional Insurance? |
Yes, for further details see our Home Insurance & Mortgage Payment Protection pages. Our buildings insurance is not compulsory, however a £30 fee will be charged to the account if you take out your own buildings insurance. |
| Who is this product suitable for? |
This product is suitable for a tax payer looking for a mortgage product that tracks the Bank of England Base Rate for the full term of the loan and who wishes to offset the balance from a savings account held by a family member, against the mortgage. |
| Incentives |
A cash back of £10 will be paid upon completion of the loan. This can be credited to the Family Offset Savings account or paid out. |
| Terms and Conditions |
Please read the following Terms and Conditions for both the mortgage and savings elements of this offset account before applying.
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| How to Apply |
Only online applications are accepted.
The Mortgage Applicant
| 1. |
 for a Family Offset Mortgage by registering or logging into You-View, the Society's online system. |
| 2. |
Print and sign the application form. |
| 3. |
Send this to our Head Office (address below) with your most recent current account bank statement. |
| 4. |
Follow the progress of your mortgage application with our online Tracking System. |
The Savings Applicant
| 1. |
for a Family Offset Savings Account by registering or logging into You-View, the Society's online system. |
| 2. |
Print and sign the application form. |
| 3. |
Send this to our Head Office (address below) with your most recent bank statement for the account nominated to receive withdrawals from the savings account. |
If you require our application forms in Braille or Large Print, please contact us | |
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| Income Multiples (How much you can borrow) |
| For loans of up to 75% of the valuation or purchase price (whichever is the lower), 3.75 x the first borrower's income + 1 x the second borrower's income, or 3 x their combined incomes (whichever is the higher). For loans above 75% of the valuation or purchase price (whichever is the lower), 3.25 x the first borrower's income + 1 x the second borrower's income, or 2.75 x their combined incomes (whichever is the higher). |
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| Self Employed Requirements |
| 3 years certified accounts, or 2 years certified accounts and one year projected. |
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| Legal Fees (England and Wales direct mortgages only i.e. not those arranged through an intermediary) |
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You do not have to use the Society's solicitors but for re-mortgages using them and provided the re-mortgage is for £50,000 or over, the Society will pay all the standard legal fees.
Additional fees may be payable by you for re-mortgages exceeding £200,000 and in certain other circumstances - please ask us for details. |
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| Valuation Fee |
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A payment of up to £550 will be made on completion of the loan to assist with the cost of the basic valuation fee.
For certain re-mortgage applications the Society will not send a valuer to your home to value the property. Rather we will rely on a valuation provided by an electronic database which compares similar properties to your own. Unless you require an inspection of your home then please select the valuation option 'Database Valuation (re-mortgage only)' when completing your application form.
We will let you know if we decide to rely upon this database valuation. In this situation you will not be required to pay a valuation fee but you will not receive a copy of the valuation. If the product you have chosen includes a valuation refund due at the start of the mortgage it will not be paid if an inspection is not undertaken. If it is not possible to obtain a satisfactory valuation from this source, or your application does not meet the criteria for a database valuation, we will need to instruct a valuer to inspect your home at your cost although this fee may be refunded (in full or in part) if your mortgage has this incentive.
Any Key Facts Illustration (KFI) provided before you apply for the mortgage will include the valuation fee due as if an inspection is to be made. A revised KFI will be provided to you if we rely upon the database valuation when the mortgage offer is issued, and will not show the valuation fee/refund as being due.
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| APR |
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**APR CALCULATION ASSUMPTIONS. Mortgages are subject to status, valuation and a minimum age of 18. Repayment mortgage for £100,000 on a £200,000 purchase price over 25 years. 300 monthly repayments of £497.95. Total amount payable £150,373.05. Written quotation available on request. Initial rates apply for whole of the term. Fees: Telegraphic Transfer Fee £30, Valuation Fee £180, Administration Fee £95, Solicitors Fees £148.05, Arrangement Fee as shown. A lower loan ratio may apply for mortgages over £150,000.
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| Head Office Address: Welland House, The Square, Market Harborough, Leics LE16 7PD |
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| Product information is also available in Braille, Large Print and Audio format. |
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This offer may be withdrawn or varied at any time and without notice. The information above is provided as a guideline only. A product pack providing further details of this mortgage is available on request. This information can be sent by postal service only. |
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| Issue date: 21 May 2010 |
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