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Our Windfall Bond account is now on sale. Find out more
With more prizes available in the Monthly Free Prize Draws - effective from 1 October 2024. Find out more here
New Windfall Bond account holders: Newly opened accounts need to be fully funded and nominated bank details registered before the end of August in order to be eligible for entry into the October Prize Draw.
Existing Windfall Bond account holders: Current Windfall Bond account(s) will automatically be entered into the October Prize Draw; until then the prize draws will continue as normal.
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Changes to 'How We Use Personal Information' leaflet. Find out moreWe have recently updated our 'How We Use Personal Information' leaflet – with improvements to the transparency of the document and a new section on fraud prevention agencies. The Credit Reference Agency Information Notice (CRAIN) has been removed from the leaflet and instead we provide details of the credit reference agencies’ websites to access this. You can view the latest Privacy notice here.
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Rate changes following Bank of England decision to decrease its Bank Rate by 0.25% to 5.00% on 1 August 2024. Find out more.
Savings: Interest rates for Windfall Bond and Tracker Savings Bond will decrease by 0.25% from 1 September 2024. We will be writing to all customers individually to confirm the new rates.
Mortgages: Tracker mortgages will change on 25 September 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 05/08)
Offset mortgage FAQs
Some of your frequently asked questions answered about our Offset mortgage.
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- Offset FAQs
The following questions and answers relate to our Owner Occupier Offset mortgage.
We also offer Buy to Let Offset mortgages. You can find out more about how our Buy to Let Offset mortgages work and the options available.
If your mortgage completes before the 15th of the month then after the first direct debit has been taken, the date for subsequent direct debits will need to be changed to fall on or after the 15th of the month. If you have completed on or after the 15th day then no action needs to be taken.
You can notify us any time you wish, by phone, in writing, or by secure message via our online service.
For requests received up to the 25th of a month, your direct debit amount will be changed on the 1st of the following month. For example, if you notify us on 20 January, your direct debit amount will change for your February payment. In this example your new direct debit date will be changed to fall on or after 15 February, however you can specify any date from the 15th until the end of the month.
The minimum you can start offsetting with is £100 and you can offset up to 100% of the mortgage amount.
You will not be charged any interest at all for the months where 100% of the mortgage is offset by savings. Please remember that no interest will be paid on amounts held in the offset savings accounts linked to your mortgage even if the total exceeds 100% of the mortgage.
Yes, other family members can open an Offset Saver account linked to your mortgage to help reduce interest due.
Including your own account, up to four savings accounts can be linked to an offset mortgage. Spouse or partner, parents, grandparents, aunts, uncles, brothers and sisters all qualify to open an account.
Eligible deposits with the Society are protected by the FSCS. This savings product is covered by the FSCS. For more information visit our FSCS protection page.
Up to four borrowers can be involved in an Offset mortgage, so long as they meet our lending and affordability criteria and at least one of these must meet eligibility criteria.
To find out more, download our lending criteria.
As you have chosen an Offset mortgage, your first mortgage payment will not take into account any money held in the Offset Saver account, and will be calculated in line with a ‘standard’ mortgage. Offsetting will take effect for payments due after the first payment we collect. The interest added to your account will be adjusted immediately, following a deposit or withdrawal. If you offset your savings within the first month after completion, the difference between your monthly payment and the interest you have saved will reduce your mortgage balance.
You will not benefit from any excess money held in the Offset Saver account which exceeds 100% of the mortgage owed. You can view your account balances via our Online Service, and manage your Offset Saver balance accordingly.
We hope we've answered your questions here, but if not you can contact our friendly New Business Team:
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If you have questions or need our help please contact our friendly New Business Team.
Download a brochure
Find out more about our Offset mortgage and how it can work for you.
Offset mortgage calculator
Find out how much interest you can save over the term of your mortgage with our simple to use calculator.