|Product name||Offset Flexx for Term|
|Term||Variable rate for term, currently 1.94%|
|Overall cost for comparison|
|Early repayment charges|
|Maximum loan to value||65%|
Your home may be repossessed if you do not keep up repayments on your mortgage.
An Offset mortgage links an Offset savings account to an Offset mortgage to reduce the mortgage interest payable. Interest on the mortgage is charged on the difference between the mortgage and savings balances, and this interest is paid alongside the monthly capital repayment amount. All Offset products benefit from the ability to maybe take additional borrowing at the product rate (up to the Loan to Value limit of the product) and also the flexibility to change between reducing the amount owed on your mortgage or reducing your monthly payments.
Flexx for Term offers a variable rate for the term of the mortgage. This rate is set independently of Standard Variable Rate and the Bank of England Base Rate. The mortgage benefits from the ability to make unlimited overpayments without incurring early repayment charges and additional borrowing may be available at the same rate (up to the Loan to Value limit of the product).
This product is portable and can be transferred from the existing property to a new property.
Payment holidays may be allowed on this product, please call us for more information.
If the mortgage is paid off before the end of the agreed term, a £125 mortgage exit fee will be payable, plus any applicable early repayment charges.
Application and valuation fees (where applicable) are payable on application, and are non-refundable. The application will not be processed until these fees are received. This means the product is not reserved and a valuation will not be instructed.
We'll automatically instruct one standard mortgage valuation (up to a maximum of £670). Fees will apply if the valuation costs more than £670. If an independent Homebuyer's Report is instructed instead, we will discount the cost of this by the amount of the standard mortgage valuation (up to a maximum £670).
When transferring an existing mortgage, our Remortgage Transfer Service will make moving your mortgage to us even easier. For full details of what's included, please see below.
Launch date 19.05.17