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6.34% Offset (2.60% discounted rate from follow on rate) for 2 years (XO0075)
Key things to bear in mind
- Purpose - Offset applications for Purchase and Remortgage
- Options Available - Payment reduction or Balance reduction. Balance reduction only available for repayment mortgages.
- Discount - 2.60% applied to our Residential Investment Managed Mortgage Rate for 2 years
- Minimum Rate - 4.09%
- Loan to Value - Maximum 60%
- 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
- 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.
More downloads & what you'll need to apply
Identification
We carry out an electronic ID check on all applicants. If this fails you will need to provide us with ID documents.
Bank statements
Buy to Let applicants are normally 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.
Proof of income
A copy of the existing / proposed tenancy agreement.
Other items
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.
Tenancy agreement
- For remortgages, a copy of the existing / proposed tenancy agreement.
Background BTLs
- Evidence of rent being paid in and mortgage being paid out (bank statements may already cover this).
Evidence of deposit for purchases
- 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 accounts
- Offset Saver application form.
Expat applications
- Applicants are required to provide a UK contact where the Society is able to serve notice regarding the mortgage. This can be a UK Solicitor or close family member in the UK.
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.
Case Study - Helping first time buyers get on the ladder
Greg, a financial services professional, was keen to buy his first home in Bournemouth. This, however, was proving to be harder than he had thought.
Over 125 years of helping people move in
For a long time we've been trusted to lend to a wide variety of people with a more small scale, personal approach as shown in our awards.
Contact our expert UK team
Existing customers
Savings - 03330 140144
savings.service@familybsoc.co.uk
Mortgages - 03330 140146
mortgage.service@familybsoc.co.uk
...or ask the way that suits you.
Request a call back
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Visit us in branch
Ashley Square, Epsom, Surrey, KT18 5DD.
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