With effect from 16 February The Family Building Society will launch its Offset Mortgage and linked Offset Saver. Family Building Society Products are available to intermediaries via National Counties Building Society.

16 February 2015

Additional information for the Offset Mortgage

Maximum offsetting available is 100% of the mortgage.
Borrower required to open & maintain one linked Offset Saver in same names until the mortgage is redeemed or until the customer switches to a non-offset product, whichever is sooner.
Up to three additional Offset Savers can be linked to an Offset Mortgage.
Direct family members (borrower’s spouse, parent(s), parent's sibling(s) or Borrower's grandparent(s) including step and in law’s) may hold an Offset Saver account.
Unlimited overpayments are allowed as long as the mortgage is not repaid in full.
ERCs payable where mortgage is fully repaid during the discounted period (see attached).
Underpayments, payment holidays and borrow back facility are allowed with our prior agreement, to the remaining value of previous overpayments.
Applications will only be accepted on a capital repayment basis.
Available for purchase and remortgage up to 80% LTV.
Property must be main residence.
Minimum loan amount £45,000. Maximum loan up to £2million.
Interest calculated monthly.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Additional information for the Offset Saver

Account linked to One Offset Mortgage. Maximum of four accounts can be linked to one Offset Mortgage.
At least one account in the Borrower(s) name must be held for the duration of the mortgage term, until the mortgage is redeemed or until the customer switches to a non-offset product, whichever is sooner.
Additional accounts can be held by the borrower or the borrowers direct family (borrower’s spouse, parent(s), parent's sibling(s) or Borrower's grandparent(s) including steps and in law’s).
Additions allowed by Standing Order, Telegraphic Transfer, Online Transfer & Debit card. Debit Card additions subject to minimum £10, maximum £5,000.
Withdrawals allowed with no notice or penalty – minimum withdrawal £100, maximum £25,000 per day per account
Minimum balance £100. Maximum £2million.
Manage account exclusively online.
Open first account on completion of mortgage via paper application. Additional accounts opened via the Online Service.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Customers should contact the Family Building Society Customer Centre on 03330140140 or visit www.familybuildingsociety.co.uk should they require any further information.

ENDS