Coutts launches Offset Mortgage
Coutts’ new mortgage offering will provide clients with more options when purchasing a property.
13 November 2017
Tailored to clients’ needs, Coutts’ Offset Mortgage is available to private individuals and non-charitable trusts as a 2 year Base rate tracker mortgage. The mortgage can serve both Residential and personal Buy-to-Let purposes, and allows clients to use their deposits to offset their mortgage balance which they are charged interest on. It also triggers no ERC (Early Repayment Charge) for those wishing to repay their mortgage early.
James Clarry, COO and Head of Lending & Capital Management at Coutts, said: “Offset mortgages are not commonplace across the private banking industry; however the launch of our Offset Select Mortgage is in response to a demand from our clients who wish to make use of excess cash balances, including foreign currency deposits, to reduce the cost of their mortgage. It also provides a flexible solution to help support the next generation to get on to the property ladder. With a number of differentiating features which makes it unique on the marketplace, the Offset Select Mortgage gives the choice back to the client.”
This product may not be suitable to you if:
· You require access to your Offset deposits while paying your mortgage that could significantly impact the benefits of the product. Please note that instant access to your Offset deposits may not apply, should you fail to repay your mortgage.
· You do not have any deposits to offset for the duration of the borrowing
· You wish to use your mortgage for multiple purposes e.g. you wish to have both interest only and repayment elements.
There are a number of risks that should be understood before offset deposits in foreign currencies:
· The value of your foreign currency Offset deposits could reduce against your GBP mortgage balance should foreign exchange rates work against you; hence it is important that you understand the risks related in using foreign currency deposits against your Offset Select mortgage.
YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP WITH REPAYMENTS ON YOUR MORTGAGE.
Over 18s only. Terms and conditions apply. You may not be eligible for all Coutts mortgages solutions.
This article is for media use only and is not a financial promotion.
The Index shows that there are more millionaire London properties for sale but prices have fallen.