Notices

Savings customers - the interest rates on many of our variable rate savings products will be decreasing from 6 January 2025. Find out more

We will be emailing or writing to you shortly to let you know of how these decreases affect you. In the meantime, you can see all of these changes here.
Mortgage customers - our Managed Mortgage Rate (MMR) will decrease by 0.25% from 20 January 2025. Find out more:

From 20 January 2025, we'll be decreasing our Managed Mortgage Rates (MMR) by 0.25%. All on-sale discounted variable product rates and other details, including representative examples displayed on our website, have been updated to reflect these lower rates.
We will be writing to existing customers who have been impacted by this change, shortly, with details relevant to them.
View our Christmas opening hours here. For information on bank transfer processing times over the Christmas period please click here.
Rate changes following Bank of England decision to decrease its Bank Rate by 0.25% to 4.75% on 7 November 2024. Find out more

Savings: Interest rates for Windfall Bond and Tracker Savings Bond will decrease by 0.25% from 1 December 2024. We will be writing to all customers individually to confirm the new rates.
Mortgages: Tracker mortgages will change on 25 December 2024 and we will write to customers individually with revised payment details where the new rate exceeds the minimum rate (or ‘floor’) already applying to their mortgage.
(Notice updated 08/11)

6.34% Offset (2.60% discounted rate from follow on rate) for 2 years (XO0075)

Initial interest rate	Current follow on rate	Overall cost for comparison	Repayment or Interest-Only?	Max % Loan to Value (LTV)	Product fees	Additional benefits
6.34% Offset (2.60% discounted rate from follow on rate) for 2 years (XO0075)
6.34%	8.94%	9.0%APRC	Interest-Only Repayment	60%	£999~	£100 cashback to open and fund linked Offset Saver account^

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.

Buy to Let calculator Email us Ask us to call back Summary & fees

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