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6.04% Offset (2.25% discounted rate from follow on rate) for 2 years (XO0071)
Key things to bear in mind
- Purpose - Offset applications for Product Switch and Further Advance
- Options Available - Payment reduction or Balance reduction
- Discount - 2.25% applied to our Managed Flexi Mortgage Rate for 2 years
- Minimum Rate - 3.79%
- Loan to Value - 60%
- Application fee - £125 for Further Advance. £0 for Product Switches
- Legal fees - £100 minimum for Further Advance applications
- Valuation Fees - £0
- ~Product Fee - £0 for Further Advance and Product Switch
- Early Repayment Charges - 2% in the first year, 1% in the second year
- Maximum loan - No maximum
- Minimum Loan - £2,000 for Further Advance. No minimum for product switches
- Cost for comparison - 7.8% 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.
Representative example
A mortgage of £110,897.00 payable over 10 years initially on a discounted variable rate for 2 years at 2.25% below our variable Managed Flexi Mortgage Rate and then on our variable Managed Flexi Mortgage Rate, currently 8.29% would require 23 monthly payments of £1,233.41 and 97 monthly payments of £1,337.35 plus one initial interest payment of £570.24.
The total amount payable would be £158,761.62 made up of the loan amount plus interest of £47,764.62 and a Mortgage Exit Fee of £100.
The overall cost for comparison is 7.8% APRC representative.
More downloads & what you'll need to apply
Identification
Only applicable for Further Advance applications - We carry out an electronic ID check on all applicants. If this fails you will need to provide us with ID documents.
Bank statements
Only applicable for Further Advance applications - 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.
Proof of income
Only applicable for Further Advance applications -
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.
Other items
Only applicable for Further Advance applications -
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).
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
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Ashley Square, Epsom, Surrey, KT18 5DD.
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