Offset plus for savers

Offset plus is a great new feature available on our offset accounts, which allows borrowers to increase the scope of linking savings to their mortgage.

You may already be aware that with our offset accounts, borrowers offset their savings against their mortgage to save themselves money. They have the option of linking their offset savings to their mortgage to reduce their monthly mortgage payment. Alternatively, they can use their offset savings to help save interest on their mortgage or possibly pay off their mortgage more quickly.

Offset plus simply means that the savings of family and friends can also be linked to the mortgage. It allows you to help your relative or friend yet retain total control and ownership of your savings. As your savings are linked to the borrower’s mortgage, when we calculate the mortgage interest they owe, your savings are taken into account and the benefit they get from offsetting is increased.

It’s important to stress that by linking your savings to a borrower’s offset mortgage you won’t personally get any financial benefit from the arrangement as you won’t earn any interest on your savings. The incentive for you is the knowledge that you are improving the borrower’s financial situation.

Also in this section:

• Key features - How do offset plus savings work?
• The impact on the mortgage - What happens if the offset savings balance changes significantly or if the total savings exceed the mortgage balance?
• Proof of identity - Examples of additional forms of identification that we accept.
• How to apply for an offset plus savings account.