Offset Account

With an Offset Account, your savings are Offset against your mortgage. Your savings can be up to 85% of the amount of your loan.

1.75% above Bank of England Base Rate for the term of the mortgage.

RATE	PRODUCT TERM	APR	MAXIMUM LOAN TO VALUE	EARLY REPAYMENT CHARGE PERIOD	EARLY REPAYMENT CHARGE
6.25%	Term of the Mortgage	6.6%	85%	None	None

Mortgage Product Name:

Offset Account: Base Rate Tracker: 1.75% above Bank Base Rate for the term of the mortgage. (Please refer to the product brochure for additional information.)

Maximum Term:

30 years.

Standard Variable Rate:

The Society’s standard variable interest rate is currently 6.74%.

Interest
Calculation Method:

Daily Interest.

Interest Rate:

Minimum interest charges will be 1%.

APR:

The overall cost for comparison is 6.6% APR.

Early Repayment Charges:

You can repay this mortgage early without incurring any early repayment charges.

Overpayments:

You can make overpayments.

Loan to Value:

The mortgage is available up to a maximum of 85% of the purchase price/value (whichever the lower with no drawdown facility or 75% with a drawdown facility).

Drawdown Facility:

The maximum drawdown you can apply for is up to 75% of the value of your property (subject to the usual affordability requirements).

Insurance:

You are not required to buy any insurance through Shepshed Building Society but as a condition of the mortgage you will be required to insure the property on an index linked basis for an amount not less than the reinstatement value required by the Society’s valuer. A £25 charge is payable at the start of the mortgage if you do not take out your buildings insurance with Shepshed Building Society.

Application Fee:

A fee of £999 is payable upon application. £849 of this fee is refundable if you do not proceed with the application.

Valuation Fee:

The cost of a valuation for mortgage purposes must be provided on application. Please see our scale of fees. This fee is refundable if you do not proceed with the application and the valuation has not been undertaken.

Availability:

This product is for purchase or remortgage of existing residential property for the applicant(s) own use. Applicants applying for this product will be required to fully meet the Society’s lending criteria.

CHAPS Fee:

On completion, the advance will be released to the solicitor acting in the transaction by CHAPS (Clearing House Automated Payment Service). A fee of £30 is payable but this can be added to the loan if you wish.

All mortgage products are available to applicants who are either 18 years or older.

Your home may be repossessed if you do not keep up repayments on your mortgage.

Shepshed Building Society, Bull Ring, Shepshed, Leics, LE12 9QD is authorised and regulated by the Financial Services Authority. Our Financial Services Authority registration number is 206067. You can check this on the FSA's register by visiting the FSA's website www.fsa.gov.uk/register or by contacting the FSA on 0845 606 1234.