Offset Mortgage Deals

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What is an offset mortgage?

An offset mortgage is completely different to other types of mortgage available. 

Your offset mortgage is usually linked to one or more bank accounts.  Each month your lender will calculate the amount of interest you owe based on the outstanding balance of your mortgage - this month is then reduced by the amount that is held within the linked bank accounts.

For example, if your outstanding mortgage balance is £200,000 and you currently have savings of £20,000 then you will actually only pay interest on £180,000. 
The more savings you have in the account the less interest you will pay on your mortgage, but if you remove any of the savings from the linked account, then you will pay interest on a larger portion of your mortgage.

Can I also earn interest on my savings?

Unfortunately not - the money that is held in the offset account does not earn any interest - however the savings that you make on your mortgage payments could make up for this.

You will obviously receive bigger savings off your mortgage the more money that is held in the account.  If you are only able to save a small amount in the offset account, other mortgages may provide better value for you.


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