Highlights from the offset product range include a 1.45% rate reduced from 1.59%, available up to 50% LTV with no Early Repayment Charges (ERCs) and a product fee of £999.
Residential rate cuts include a 1.25% rate, down from 1.39%, up to 50% LTV and new rate of 1.35% for borrowers with a 35% deposit. Both products have no ERCs and a product fee of £999.
Mortgage Solutions wrote this week about brokers’ dismay over the lack of competition in the offset mortgage market, warning that the lack of lenders offering these products was a real problem.
Managing director of Perception Finance, David Sheppard said that some clients, such as sole traders or those with large savings who need access to that cash, often see the benefit of paying a premium for an offset mortgage.
However Sheppard said the lack of competition was a problem. He said one of his clients recently had just three lenders to choose from at the loan-to-value he required.