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Lifetime Offset Tracker 9 Mortgage

Special Mortgage Scheme

With effect from 19 January 2010

Current variable rate payable 3.49%
The overall cost for comparison is 3.7% APR
Up to 75% LTV*

Key features

  • The interest rate is a variable rate which is 2.99% above the Bank of England Base Rate, currently 0.50%, for the term of the mortgage, to give a current rate payable of 3.49%. The interest rate you will be charged will not go below a floor of 3.49%. The interest rate you will be charged will be changed no later than one month following a change in the Bank of England Base Rate unless this change would cause the rate charged to fall below the floor of 3.49%.
    Arrangement fee £395 (non-refundable). Must be paid at the time of submitting a mortgage application.
  • Property assessment fees are payable according to the scale below (non-refundable after property assessment carried out for the Society).
  • Completion fee £395 (non-refundable). This fee will be added to the mortgage loan and deducted from the mortgage advance on completion, when the mortgage advance is released.
  • Sealing fee/mortgage exit fee/administration fee on redemption of mortgage currently £150.
  • An offset facility is available if required (click here for Offset Information).
  • Early repayment charges: An early repayment charge* will be made as follows:                                                                                                                                                     During years 1 and 2: 2% of the amount repaid early plus fees** 
                                                                                                                                                                   * The early repayment charge is payable on any amount that you repay in excess of the monthly payment due on the mortgage, with the exception of 10% each year of the mortgage balance outstanding.

    ** This charge is calculated as a percentage of the amount repaid early, excluding any arrears of interest, or other charges.
  • Overpayments can be made up to 10% of the outstanding mortgage balance in any year without incurring this early repayment charge. Overpayments in excess of 10% for the first two years will attract an early repayment charge calculated at 2% of the full amount overpaid.
  • No Higher Lending Charge.
  • No tied insurances.
  • Interest is calculated on a daily basis.
  • The option to change mortgage payments in line with your financial circumstances.You can increase your monthly payments at any time without incurring any early repayment charges. Please note that an automatic refund of any overpayments is not permitted although you can of course opt for a payment holiday.
  • The flexibility to take payment holidays. After your mortgage has been running for 6 months, you can take a break from making monthly payments for up to 3 months each year. Longer breaks are available but must be agreed before the break commences. You can only take a payment holiday if missed payments do not result in the loan outstanding exceeding the agreed advance amount.
  • You are recommended to request from the Society a revised monthly payment following any period of payment holiday. In the event that a payment holiday is taken this will increase your monthly payment. If your mortgage is an interest only type and you take a payment holiday then you must check your chosen repayment vehicle to ensure it will be adequate to repay your mortgage in full at the end of its term.
  • This mortgage product is only available on properties in England and Wales and the mortgage is portable up to the existing mortgage balance, when moving house in England and Wales and simultaneously redeeming the existing mortgage and completing the new mortgage with the Society.
  • The minimum age for applicants for this special scheme is 23. Subject to financial status, assessment of affordability, income multiples and underwriting based on information included in an application form, together with satisfactory identification.
  • The loan must be over £25,000. Maximum loan £300,000. Minimum term 5 years.
  • FREE standard administration fee for remortgages. As long as the property is already registered at HM Land Registry in the same name(s) as the mortgage applicant(s), the Society will arrange for the new Legal Charge to be registered in the name of the Society. You will be advised of any additional administrative or insurance charges, which you will be required to pay.
  • * The amount the Society can lend is dependent upon the price or current value of the property and the loan to value ratio, which must not exceed 75%. Full details are available on request.
  • Our tariff of charges during the life of any mortgage is available on request and will be provided with any illustration.
  • For an interest only mortgage a capital repayment vehicle must be in place. It is your responsibility to ensure that this vehicle remains in place and is adequate to repay your mortgage at the end of your chosen term. You may combine your mortgage repayment types, i.e. part repayment, part interest only. 

Property Assessment Fees

A scale of Property assessment fees will apply to house purchase and remortgage applications for this product, as follows:

Purchase Price or Value

Purchase   Application

Remortgage Application
Not exceeding Property assessment fee Property assessment fee
£200,000 £245 Free
£300,000 £295 Free
£400,000 £355 Free
£500,000 £430 Free
£600,000 £465 Free
£700,000 £535 Free
£800,000 £595 Free
£900,000 £655 Free
£1,000,000 £725 Free
£1,500,000 £1,035 £1,035
£2,000,000 £1,235 £1,235

There is no property assessment fee for remortgages on a property with a value not exceeding £1 million, unless the Society is unable to obtain a standard remortgage property assessment in which case a fee according to the Society's standard fee scale will apply.

For a price or value exceeding £2 million, please contact the Society for further details.

If a property assessment fee is payable, this must be paid at the time of submitting a mortgage application.

All fees shown represent the cost of the property assessment to the Society plus an administration fee of £35 to cover the Society's own costs of arranging the property assessment and assessing the report when it is received.

Please click here to enquire about this product

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE