Mortgages

Maximum advance

The maximum advance available for this product is 90% of the purchase price or valuation of the property (whichever is the lower). Our guides section will tell you how much you can borrow against your income.

Switching your mortgage to Britannia

If you are moving your mortgage from another lender to Britannia, you will be unable to move only part of your mortgage and leave a remaining balance with your current lender. You will either need to move your outstanding balance in full or pay off a percentage of the balance and move the remainder.

Interest rate

The interest rate is variable and will follow changes to the Bank of England base rate. Where a change to the Bank base rate is announced before the 10th day of each month, the rate on your Savings mortgage will change with effect from the 1st of the following month.

Where a change to the Bank base rate is announced on or after the 10th day of a month, any amendment to your Savings mortgage rate will be effective from the 1st day of the second month following the Bank base rate change.

Conveyancing service for Remortgage Customers

Britannia can provide a remortgage conveyancing service for £180 plus disbursements. This is provided through our approved panel conveyancer.

If you are remortgaging using our reduced fee options:
Britannia will cover the legal fees for moving your mortgage to Britannia, including compulsory disbursements.

Should you decide not to proceed with your remortgage package application, the Society will be entitled to recover from you any costs that have been incurred as a result of your application such as valuation fees and solicitors' fees.

Early repayment charge - Offset Savings Remortgage Package

If you repay your mortgage in full or transfer to another product within the first 3 years, the following early repayment charge will apply. This will be calculated as a percentage of the amount you repay early.

• Year 1: 3%
• Year 2: 2%
• Year 3: 1%

Loan to Value for new build properties

In most cases, you can borrow up to 90% of the purchase price or valuation for the property. However, for houses and bungalows built within 24 months of the date of your application, the maximum Loan to Value (LTV) is 85%

Please note that we will not accept any applications for flats, apartments or maisonettes built or converted within the past 24 months.

A redemption discharge fee of £125 is payable if you repay the loan before the end of the mortgage term. If your loan is made up of more than one part, called sub-accounts, the fee of £125 is payable each time you repay a sub-account unless more than one sub-account is repaid at the same time, when a single fee of £125 is payable.

In addition, a deeds release fee of £35 is payable if your loan (all sub-accounts) is repaid early.

Product Features

1. Offset your savings against your mortgage
Rather than paying you interest on your savings, we offset the amount of your savings against your mortgage so that over the life of your mortgage we only charge you interest on the difference. Find out more about how it works.

2. Flexible Features
Before you exercise any flexible feature (underpayments, payment holidays or if you wish to borrow any extra money), you must obtain our prior approval on each occasion, which we are not obliged to give. We would normally expect to be able to give approval provided that you have complied with the relevant Terms and Conditions.

3. Mortgage Term
With the Offset Mortgage you are in control. In order to make sure this is the case, after you have exercised any flexible feature (underpayments, payment holidays or if you borrow some additional money), we will always recalculate your monthly payments on the basis of the agreed mortgage term, allowing you to decide whether you want to do anything different. If you have a repayment mortgage and don't want your payments to increase you can contact us and ask to increase the term of your mortgage.

4. Payment Holidays
Although the obligation is to make the agreed reduced payment (during a period of underpayment) or suspension of payment (during a payment holiday), interest continues to accrue on the whole debt secured by the mortgage.
The mortgage balance will increase while you are not making any payments or are underpaying as the unpaid interest will be added monthly to the whole debt. Therefore, when your monthly payments recommence they are likely to be greater than before the reduced payment or payment holiday was taken. The Society will advise you before the end of the payment holiday of the expected monthly payment which will apply at the end of the payment holiday.

5. Overpayments
All payments (including any overpayment) will be applied to the mortgage account on the date of receipt by Britannia Building Society, Customer Support Centre, Leek, Staffordshire Moorlands ST13 5RG, and the balance on which interest is calculated will be reduced the same day.

6. Interest rate changes
In the event of an interest rate change, if you have a repayment mortgage, your monthly payment will automatically be recalculated to pay off the mortgage within the repayment term originally agreed. If you have an interest only mortgage, your new monthly payment will be recalculated on your outstanding mortgage balance at that time. You will receive a letter confirming your new monthly payment at least 14 days before the money is taken from your account. Therefore if you are overpaying each month, you may wish to review the total amount you are paying each month to check that you are still overpaying by the amount you want to. Alternatively, you can contact us and ask to reduce the term of your mortgage.