First Direct Mortgage RatesInitial direct mortgage interest rates
Mortgage Offset | Mortgage categories
Powerful Videotape - Hey, we usually have a useful Videotape here, but we did notice that you may be using an old web browsing application, so the Videotape will not be displayed for you. When calculating your interest payment, our offset mortgage will take into consideration other funds you have with us. Every lump of cash in a suitable checking or saving bank with us is one lump of gold on which you will be paying mortgage interest.
Suppose you have a mortgage of 100,000, saving 20,000 pounds and a checking book with 1,000 pounds in it. You just reimburse interest on the balance between the cash you have and the cash you owed - which in this case is £79,000. Off-set mortgage loans are only interest rate mortgage loans, which means that you are in charge of disbursing the principal.
You need to show that you have a solid scheme in place to do this - it could be a life annuity, an initial outlay or any other saving scheme; if you choose to return the principal during the mortgage, you may be able to lend it back whenever you want - but this of course increases your interest payment and could add to the amount of £50,000 it will take to disburse it; candidates must have a single wage of 50,000 or a combined wage of 75,000 (or less if one of you deserves 50,000 or more).
Should you have any queries regarding your entitlement to receive compensation, please call us at 0800 48 24 24 48 Any loan related to your offset mortgage will be protected against your possession. You can repossess your home if you do not maintain your mortgage payments.