Mortgage Offset Account
|Summary Box - Key Product Information|
|Account name||Mortgage Offset|
|What is the interest rate?||Not applicable to this account|
|Can Beverley Building Society change the interest rate?||Not applicable to this account|
|What would the estimated balance be after 12 months based on a £1,000 deposit?||
This figure is for illustration purposes only, and assumes no further deposits or withdrawals.
|How do I open and manage my account?||
Available to UK Residents and UK Tax Residents who hold a mortgage with the Society.
Complete the application form, relevant declaration(s) and provide necessary identification then forward together with the initial deposit (payable to the account holder) to the Society’s office.
The minimum opening deposit is £1; the maximum balance is 75% of the mortgage balance up to a maximum of £400,000.
Account can be managed via post and branch.
Please contact the Society for information regarding 3rd party assistance.
|Can I withdraw money?||
Yes, notice and penalty free withdrawals are permitted. You can normally make a withdrawal on demand of cash up to £500 and any amount by cheque or Faster Payment, subject to adequate cleared balance and written instruction signed by the relevant signatory(ies).
Using an Offset facility reduces the amount of interest you pay over the term of your mortgage. The money you have in savings is offset against the balance of your mortgage, meaning that you will only be charged on the difference. Your monthly payments are not reduced by holding funds in the Offset account.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.