Offset mortgages
Overview
Here you can use the money in your N&P Gold Current Account and/or your N&P Offset Savings Account to reduce the balance of your mortgage on which interest is calculated, which helps reduce the total amount of interest you pay.
Offset tracker rate
The interest rate is a fixed percentage above Bank of England UK Repo Rate (Bank Base Rate) for the mortgage term.
So if Bank Base Rate increases, up goes your monthly repayment; if it drops, then down goes your monthly repayment. The rate you pay will change within 30 days of a change in Bank Base Rate. The minimum interest rate charged will be 3%.
All you need to know about Offset mortgages
Offset mortgage - Base rate tracker +1.69% for term (mandatory active Gold Current Account required)
| Variable rate payable for whole of mortgage | The overall cost for comparison is | |
|---|---|---|
| 6.69% | 6.9% APR | Apply |
| Mandatory active Gold Current Account required | One free valuation | Reservation fee - £499 | Free legal fees or £200 cashback for remortgages | Early Repayment Charge if you repay all of this mortgage within the first 2 years | Minimum Loan £50,000 | LTV 75% | ||
Offset mortgage - Base rate tracker +1.79% for term (Gold Current Account optional)
| Variable rate payable for whole of mortgage | The overall cost for comparison is | |
|---|---|---|
| 6.79% | 7.0% APR | Apply |
| Gold Current Account optional | One free valuation | Reservation fee - £499 | Free legal fees or £200 cashback for remortgages | Early Repayment Charge if you repay all of this mortgage within the first 2 years | £200 cash back for purchases not available on this product | Minimum Loan £50,000 | LTV 75% | ||
The variable rate payable for the rest of the mortgage is base upon current interest rates. The standard minimum advance is £50,000 (unless stated otherwise).