Intelligent Finance, often considered the innovators when it comes to the offset mortgage market, is offering loans at a surprisingly good rate . Would-be borrowers can take out an offset mortgage at base rate plus 0.09 per cent. In today’s market this leaves the borrower with a pay rate of 4.59 per cent. For remortgage customers, the interest is base rate plus 2.29 per cent – a rate of 4.79 per cent.
These offset tracker mortgage products are fixed until September 2008, and both have an arrangement fee of £399. However, in the case of remortgages, the mortgage lender pays for legal and valuation fees. The mortgages are available for up to 85 per cent (LTV) Loan to Value, with early repayment charges of 2 per cent. Intelligent Finance are also offering base rate plus 0.15 per cent – but this is only available on home loans of £200,000 plus.
Rival lender Woolwich offer lifetime trackers with no time limit, at base rate plus 0.48 per cent with no early repayment penalties. Offset mortgages are most effective for those people who have healthy current account balances, or large savings . Much of your mortgage does not attract interest in this instance.
Offset mortgages from Intelligent Finance
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Offset mortgages from Intelligent Finance
Fri, 28 Jul 2006
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