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What is an offset mortgage?

An offset mortgage allows you to link your savings and current account balances to your mortgage and only pay interest on the difference between those accounts and your mortgage balance.

For example, if you had a £100,000 mortgage, savings of £9,000 and a current account balance of £1,000 - you would only pay interest on the £90,000.

Because you continue to make the same monthly repayments based on the full amount of your mortgage the balance reduces faster - in other words, you pay your mortgage off earlier.

All your accounts are still kept separate (you can withdraw from your savings or current account at any time), so it's easy to manage your money online, at your branch or over the phone. Find out more about our mortgages (opens in a new window).

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