Coutts launch residential and buy-to-let offset mortgages
Coutts has launched two tracker rate offset mortgages for residential and buy-to-let clients.
The Offset Select Mortgage product is available to private individuals and charitable trusts. It allows clients to offset up to 50% of the mortgage balance although, after that, every £1 offset deposit will count as 50p towards offsetting.
Clients already holding foreign currency accounts with Coutts can offset the balances against their mortgage if they are held in GBP, EUR or USD.
Aaron Strutt, product director at Trinity Financial, says: “Most banks do not provide the facility to offset foreign currency deposits in up to ten noninterest-bearing deposit accounts linked to the mortgage.
“The borrower can elect to use their deposits towards either reducing the mortgage amount or their monthly payments. The two-year tracker rates are compeitively priced although the residential product has a 0.5% arrangement fee, rising to 1% of the loan amount for buy-to-let. The minimum loan size is £750,000.”
The Family Building Socitey launched an offset mortgage for buy-to-let borrowers earlier this year.
Call Trinity Financial on 020 7016 0790 to secure an offset mortgage
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