With an offset mortgage, your main current account or savings account (or both) are linked to your mortgage and are usually, but not always, held with the mortgage lender. Each month, the amount you owe on your mortgage is reduced by the amount in these accounts before working out the interest due on the loan.
So as your current account and savings balances go up, you pay less on your mortgage. As they go down, you pay more.
YOUR HOME MAYBE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Our mortgage fees are as follows: -
There are three options, these will be discussed and an option chosen before you apply for your mortgage –
- No fee. We will be paid commission by the lender.
- A fee of £295 is payable when you apply for a mortgage. We will also be paid commission from the lender.
- A fee equivalent to .4% of the loan amount is payable when you apply for a mortgage. For example if the loan amount is £100,000 the fee would be £400. We will refund any commission received from the lender.
You will receive a mortgage illustration when considering a particular mortgage, which will tell you about any fees relating to it.