17th Century French Country Home

CAPITAL AND INTEREST
OFFSET SELECT MORTGAGE

With our Offset Mortgage, you decide how you would like the reduction in mortgage interest to be applied to your mortgage. The following section explains how you can either reduce your monthly mortgage repayments or reduce your mortgage term or balance, dependent on repayment type.

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  • Common Product Details

  • Key Features & How It Works

    Key features

    • Keep your savings separate in easy to manage accounts linked to your mortgage
    • Instant access to your savings to deposit and withdraw whenever you want to
    • You can offset savings in GBP, EUR or USD
    • The value of your foreign currency deposits could reduce against your GBP mortgage balance should foreign exchange rates work against you. It is important that you understand the risks related in using foreign currency deposits with an Offset Select mortgage
    • You may link up to 10 accounts to each Offset Select mortgage
    • You can link family or third party savings to offset your mortgage (subject to consent)
    • Offered for residential and buy to let purposes
    • Capital & Interest or Interest Only mortgages are available for Offset Select
    • Flexible base rate tracker with ability to make overpayments without penalty. Once the initial period has ended, you will be transferred onto our Offset House Mortgage Rate

    How your Offset Mortgage works

    • Interest is charged at the application rate on the difference between your Mortgage and Savings subject to the following restrictions:
    • Up to 50% of your mortgage balance, your savings count fully towards offsetting
    • Over 50% up to 100% every £1 in savings will count as 50p towards offsetting
    • Any surplus savings over 100% will have no offsetting benefits

Representative example (Residential only):

An interest only mortgage of £750,000 payable over 25 years initially on a tracker rate for 2 years at 1.74%  + base rate and then on our variable house mortgage rate of 8.25% for the remaining  years would require 31 monthly payments of £4,216.34 and 268 monthly payments of £5,160.25 and one final payment of £5,155.98. The total amount payable would be £2,270,684.52 made up of the loan amount plus interest (£1,518,809.52) and a product fee (£3,750) and a valuation fee (£0000) the overall cost for comparison is 8.3% APRC representative.

 

Information and figures given are for illustrative purposes only and do not constitute a commitment or offer to lend. The actual amount will depend on subsequent checks we undertake.

Your home or property may be repossessed if you do not keep up repayments on your mortgage.

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Already a client?

Contact your private banker at any time or call +44 (0)20 7957 2424 for more information.

 

All calls with Coutts are recorded for training and monitoring purposes.

All calls with Coutts are recorded for training and monitoring purposes.