23 March 2017
This week saw The Family Building Society launch their Buy to Let Offset product available for purchase or remortgage on a repayment or interest only basis.
Additional information for the Offset Mortgage
- Maximum offsetting available is 100% of the mortgage.
- Borrower required to open & maintain one linked Offset Saver in same names until the mortgage is redeemed or until the customer switches to a non-offset product, whichever is sooner.
- Up to three additional Offset Savers can be linked to an Offset Mortgage.
- Direct family members (borrower’s spouse, parent(s), parent's sibling(s) or Borrower's grandparent(s) including step and in law’s) may hold an Offset Saver account.
- Lump sum capital repayments are allowed ERC free up to a maximum of 10% per annum. Regular monthly overpayments are not allowed.
- Applications will be accepted on either a capital repayment or interest only basis.
- Term reduction available on a capital and repayment basis only.
- Payment reduction available on either a capital and repayment basis or an interest only basis.
- Available for purchase and remortgage up to 65% LTV.
- Minimum loan amount £45,000.
- Interest calculated monthly.
- Standard buy to let lending criteria applies. Please refer to their lending criteria for more details.
View full product details here.