Offset Mortgages
Over the past few years, offset mortgages have come from nowhere to become one of the most popular kinds of mortgage. The basic idea behind offset mortgages, and offset banking in general, is simple: by combining all your banking needs into one account, you can simplify your finances and save money in interest payments.
With an offset mortgage, the value of your savings or current account balance is used to 'offset' your mortgage - in effect, reducing the amount you owe, and therefore reducing the interest you pay. By doing this, you'll either benefit from lower repayments or a shorter mortgage term.
By their nature, offset mortgages are usually very flexible - overpayments, underpayments, payment holidays and early settlement are all likely to feature, although the exact details of each mortgage will of course depend on the lender.
| Britannia Offset - Mortgage where your savings are offset against your mortgage balance saving you interest | Egg Mortgages - Flexible and offset mortgage products from the online bank | |
| First Direct - Site includes a calculator to see how much an offset mortgage could save you | Intelligent Finance - Specialists in offset mortgages, also offering fixed rate and tracker mortgages | |
| Natwest One - Current account mortgage from NatWest | Openplan Offset Mortgage - Offset mortgage plan from Barclays | |
| Scottish Widows - Fixed or variable rate flexible mortgages with savings offset option | Standard Life Freestyle - Offset mortgage provider, with fixed or variable rates | |
| The One Account
- Fully flexible offset mortgage, formerly known as the Virgin One Account but now run by Royal Bank of Scotland [The One Account Details >>>] | Yorkshire Bank - Offset mortgages from YB Online |
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