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At the end of the day, almost anyone can shout about one feature or another that makes their mortgage so great. But does that mean that the package as a whole is all it's made out to be? With us, the answer's yes.
 | | | | | |  | | | | | Your home may be repossessed if you do not keep up repayments on your mortgage. | | | | | | |
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When the Bank of England Base Rate changes, your rates change too - by the same amount and always within 28 days.
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No limits on any overpayments you make.
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Offset your main mortgage account with your savings.
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Borrow up to 90% of your property value.
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You could save money because we work out your interest on a daily basis (not all lenders do this).
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Repay how you want - interest only, repayment or mixed.
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Switch your existing mortgage to us - or take out a new mortgage to buy a house.
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Save a small fortune with the offset option
In the table below we show you how much time and money you could save if you have a £100,000 repayment mortgage, with varying levels of savings.
| Amount in your savings account (£ |
Total amount you'd normally repay (£) |
Amount you'll pay with an Egg Tracker Mortgage(£) |
Paid off early |
Total interest you'll save on your mortgage (£) |
| 5,000 |
188,731.92 |
174,223.20 |
1 year and 11 months |
14,508.72 |
| 10,000 |
188,731.92 |
162,236.51 |
3 years and 6 months |
26,495.41 |
| 25,000 |
188,731.92 |
136,453.93 |
6 years and 11 months |
52,277.99 |
| 50,000 |
188,731.92 |
113,089.27 |
10 years |
75,642.65 |
Mortgage amount: £100,000 over 25 years at the 5.75% variable Egg Tracker Mortgage rate. The overall cost for comparison is 5.9% APR. Monthly mortgage payment is £629.11. The rate is assumed to be constant over a 25 year period and the savings must remain in the account throughout the mortgage period. You'll see from the example highlighted, that if you had a mortgage balance of £100,000 and £10,000 tucked away in your savings, the Egg Tracker Mortgage would save you £26,495.41 in interest and you could repay your mortgage 3 years and 6 months earlier than planned. That's assuming your monthly payment, interest rates and savings balance stay the same.
Why are our rates so good? Well, one reason is we calculate interest on a daily basis, which means payments are credited to your account as soon as they're cleared, rather than waiting until the end of the month or the end of the year.
Your home may be repossessed if you do not keep up repayments on your mortgage.
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Award winning lender
Don't just take our word for it. We've won What Mortgage awards in 2006 and 2007 in the direct lender category (those without a branch network), based on the actual rates charged on an £80,000 standard variable rate mortgage.
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Flexible features
With our tracker mortgage you can make overpayments at any time without incurring any charge, either using lump sums of more than £500, or by simply increasing your regular monthly payments.
Check out how much difference our flexible payment options make, using our
mortgage calculator.
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Choice of repayment dates
Egg Mortgages give you real freedom. You can even choose the most convenient day in the month for you to make your repayments.
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A moveable mortgage
Suppose you decide you'd like to move again? No problem. You can normally transfer your Egg Mortgage to a new property. How's that for flexibility?
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Save tax
With the offset feature across all of our mortgages you can offset any money in your Egg Savings Account against your main Egg Mortgage. And you needn't worry about the taxman stinging you for interest on those savings (based on our understanding of the current tax rules). If you're a higher rate tax payer with our tracker mortgage, for example, you're actually saving interest on your mortgage at the equivalent rate of over 9% gross pa on your savings.
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Your home may be repossessed if you do not keep up repayments on your mortgage.
Legal footnote
For important information about our product offers see legal information.
Egg Banking plc (reg no 2999842) is authorised and regulated by the Financial Services Authority and entered into the FSA register number 205621.
Registered office: Citigroup Centre, Canada Square, London E14 5LB
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Egg Home > Bank > Mortgages > Tracker > Benefits > 
