With an Offset account, mortgage interest is only calculated on the difference between the two balances.

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How does Offset work?

To find out more about how an Offset mortgage could save you money, read our guide.

Please note

The calculations used in this demonstrator are based on the following:

  • The estimates provided are for illustration purposes only and assume that the interest rate will remain the same throughout the term of the mortgage
  • Actual mortgage rates available are dependent on market conditions so change from time to time.
  • Requires a static (i.e. fixed) payment to be set up and maintained throughout the mortgage term.
  • Mortgage type is repayment.
  • No interest is payable on the Offset savings balance.
  • Regular monthly savings deposits are made throughout the mortgage term (in line with the 'Monthly Savings Deposit' entered), or a constant savings balance is maintained (in line with the 'Current Savings Balance' entered).
  • The example used on this page assumes that basic and higher rate tax payers do not pay tax on their savings and that additional rate taxpayers pay 45% tax on savings interest and are based on current HM Revenue and Customs rules which are subject to change. Customer usage of any applicable Personal Savings Allowance is not included within these calculations.

This information does not contain all of the details you need to choose a mortgage. Make sure you read the separate Mortgage Illustration document before you make a decision. The actual amount you can borrow, term and repayment method available will vary depending upon your personal circumstances and borrowing requirements. Applications subject to standard lending criteria and all loans subject to status. A product fee may apply. Early Repayment Charges and other fees and charges will apply.

However you choose to manage your Offset Account you will need to select one of the available monthly payment options. If your aim is to Offset in order to pay off your mortgage quicker, you must choose the Reduced term option.

For more information on Offset payment options please refer to our offset options guide