Abbey Flexible

Abbey Flexi Offset Mortgage

One of the great strengths of the Abbey Flexi offset mortgage is its flexibility. There is no limit to the amount that can be offset and any overpayments can be made without penalty.

With minimum borrowing starting at £25,000 and going up to a £750,000 maximum, the flexibility works both ways. You can have payment holidays as well as the option to overpay. In addition, there's no early repayment charge, so if you want to settle the policy earlier than you originally predicted, there's no penalty for doing so.

Should you move home during the duration of your mortgage, you can choose to carry the Abbey Flexi offset product over to your new property.

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Generally, Abbey Flexi offsets have a maximum 75% loan to value ratio. Though with new build houses, this maximum rises to 80% loan to value. Consequently, it drops for new build flats and maisonettes to a 70% maximum loan to value ratio. If the application is for an offset let to buy the maximum loan to value decreases to 75% for a house and 65% for a flat/maisonette.

This kind of offset mortgage has a 5 year minimum payment period and can be taken up until the applicant's age of 75. The Abbey Flexi offset is only available on a tracker rate for the life of the mortgage.

Abbey's maximum lending works on their own affordability calculations which take into account various forms of income and expenditure. You can contact us in order to get a better idea on how much this maximum lending figure is likely to be, given your financial circumstances. The Abbey currently offer a free valuation to determine your suitability for this product, although this offer is liable to change.

In order to make that assessment, employed applicants will need to provide pay slips from the last month or the most recent 5 weekly pay slips if they are paid on a weekly basis. Self employed applicants will require the latest 2 years accounts or self assessment returns and tax calculation forms or an accountant's letter. The end of the latest period provided cannot be older than 18 months.

Gifted deposits are considered, as well as applicants with bad credit, although Abbey will not accept any mortgage arrears that have occurred within the last 12 months. Offset remortgaging is available for a multitude of reasons including capital raising, debt consolidation, home improvements and many more. Debt consolidation is limited to £35,000 or 35% of the total lending, whichever is lower.

A maximum of 4 applicants will be considered for any Abbey Flexi offset mortgage. 50% of regular overtime will be taken into account for lending purposes.

Proof of deposit may be required especially for a first time buyer. Evidence will be required if the deposit is greater than £100k and is not coming from the subsequent sale of an existing property. Leasehold properties must have a minimum term at the start of the offset mortgage application of at least 55 years with 30 years remaining at the end of the mortgage term.

Abbey charge a mortgage account fee which is payable on completion or can be deferred to the end of the mortgage - It cannot be added to the mortgage. Booking fees are generally between £995-1499. No compulsory insurance is needed with an Abbey offset mortgage.

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