With an Offset mortgage you can use your savings to offset against the balance of your mortgage and reduce the interest you pay.
An Offset mortgage could be right for you if:
you have savings
you want the option to fix your interest rate for a set time or track the Bank of England base rate
you'd like to be mortgage-free sooner, or:
you'd like to bring down your monthly payments
You have the right to repay the loan either partially or in full during the term of the loan.
If you want to come out of an Offset mortgage before the end of the special rate period, early repayment charges will apply. Please see the individual Offset product pages for details.
Your Offset Mortgage and Offset Savings accounts remain separate, so you still have access to your savings, but your savings reduce the interest charged on your mortgage. There are three options to choose from when looking into an offset mortgage:
reduced monthly mortgage payments now
reduced monthly mortgage payments in the future
reduced term of your mortgage.
You decide which option you’d like when you first take out your Offset mortgage and you can change this at any time during the life of your mortgage simply by contacting us. You can read more about the specific options by reading our guide to your Offset options.
As well as using your own savings, you can also link savings of family and friends to your mortgage – find out more with our Offset Plus for Borrowers guide page. Alternatively, you can link to your savings to the Offset Mortgage of a friend or family member with our Offset Savings Account .
Ready to find a mortgage?
If you are happy that Offset mortgages might be the best option for you, why not choose from our current range of Offset mortgages.