The Best Offset Mortgage Rate For First Time Buyers
It's not always easy to find the best offset mortgage rate, particularly if you're new to the property market. That's why we've done the hard work for you and have gone in search of the best offset mortgage rate for first time buyers. These will give an example of the kind of deal first time buyers can expect to get, though since offset mortgage deals change quickly, there may be other deals available by the time you read this.
In our search for the best offset mortgage rate, we used a well known financial comparison site to find the best offset mortgage rate for remortgage customers with a joint annual income of £35,000 seeking to borrow £90,000 on a repayment basis for a property worth £100,000. We looked for the best offset mortgage rate over five years, as this is how often the average UK homeowner moves house or changes mortgage.
Standard Life Bank are fifth in our comparison of the best offset mortgage rate. This tracker offset mortgage offers a 0.77% premium to the Bank Base Rate until 31/03/2010. The APR is 7.50 per cent. The maximum loan to value is 90 per cent. This offset mortgage deal includes a free valuation, and free legals. The mortgage is portable and there are early repayment charges until 31/03/2010. There is a no booking fee although there is an arrangement fee that can be added to the loan
The Norwich and Peterborough Tracker is fourth in our comparison of the best offset mortgage rate. This tracker offset mortgage is set at 0.69 per cent over the Bank of England base rate and last for the term of the mortgage. The APR is 6.2 per cent. The maximum loan to value is 90 per cent. This offset mortgage deal includes a free valuation and there are no upfront fees to be paid. The mortgage is portable, though early repayment charges apply for the first two years. There is an arrangement fee of £499.
The Intelligent Finance offset Tracker is third in our comparison of the best offset mortgage rate. This tracker offset mortgage is set at 0.64 per cent above the base rate until 01/05/2010. The APR is 7.20 per cent. The maximum loan to value is 90 per cent. This offset mortgage deal is portable and there are early repayment charges of 4% until 01/05/2010. The standard valuation fee is £280 but this is reunded upon completion. There are also free legals included within this deal allowing even more savings.
The Coventry Building Society / Godiva Tracker is second in our comparison of the best offset mortgage rate. This tracker offset mortgage is set at 0.60 per cent over the base rate and last until 30/06/2010. The APR is 7.20 per cent. The maximum loan to value is 90 per cent. This offset mortgage deal includes a free valuation and free legal fees. There are early repayment charges of 4% until 30/06/2010 although the lender will allow 5% capital reductions without penalty. There are arrangement fees and booking fees with this lender.
In our best offset mortgage rate comparison, the Scottish Widows Bank base tracker was top of the list. This offset tracker mortgage is 0.34 per cent above the base rate for a period of 2 years. The APR is 6.6 per cent, with a maximum loan to value of 90 per cent and no higher lending charge. There is a valuation fee of £175, and an arrangement fee that can be added to the loan.
It's worth remembering that the best offset mortgage rate does not always indicate the best offset mortgage deal, so be sure to speak with our professional mortgage advisors and make sure the deal you end up with is one that suits your personal and financial circumstances.
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