Universal Building Society Offset Mortgage

The Universal Building Society has merged with the Newcastle Building Society and no longer exists in its own right.

The Universal Building Society offers two offset mortgage deals. The first Universal Building Society offset mortgage tracks 0.5 per cent above the Bank of England base rate for the life of the mortgage. The overall cost for comparison is 5.5 per cent APR. Borrowers with a Universal Building Society Offset Mortgage get a free valuation up to £200 and there is a fast, free mortgage transfer service for remortgagers. .

Interest is calculated daily and overpayments are permitted, with no early repayment charges. There is a completion fee of £495. The Universal Building society offset mortgage is available up to a loan to value of 90 per cent. Higher lending charges are payable above 80 per cent loan to value

The Universal Building Society offset mortgage is linked to an instant access savings account which has no minimum opening balance. Borrowers with a Universal Building Society offset mortgage can have up to £400,000 in the offset savings account, subject to the level of their other savings and investments with the building society.

Fee Free Offset Mortgage

There is also a fee-free version of the Universal Building Society offset mortgage, which tracks 0.75 above the base rate for the life of the mortgage, to give an APR or 5.5 per cent. As with the other offset mortgage deal, the fee-free Universal Building Society offset mortgage is available up to 90 per cent of the property value, and has a fast mortgage transfer service for remortgage customers. There is no completion fee and no valuation fee.

Universal estimates that mortgage customers with a Universal Building Society offset mortgage who save £500 a year can shave nearly three years and more than £10,000 in interest off their £50,000 mortgage over the 25 year term. And in the same period someone with savings of £10,000 could save nearly £20,000 in interest and cut the mortgage term by more than 5 years.

In addition to the Universal Building Society offset mortgage, the building society also offers a flexible base rate discount tracker. Discounts are for two or three years, after which the rates revert to the building society's standard variable rate, currently at 2.09 per cent above the base rate.The APR is between 6.6 per cent and 6.9 per cent, depending on the deal.Early repayment charges apply during the incentive periods.There are no application fees, though completion fees of £495 apply to some deals. Borrowers can repay up to 20 per cent of the loan a year without charge.

These Universal Building Society offset and flexible mortgage deals will suit borrowers who may wish to repay their mortgage early. They may also be useful for those with flexible or variable income*.

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Pro's

Convenient for local residents

Con's

Only available to local residents

Features

Overpayments/underpayments

Offset Mortgage Centre

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