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What is an Offset mortgage?
An Offset mortgage is a way of using what's in your savings and current account to reduce the mortgage balance you are charged interest on. On this page you can learn the principles of Offset mortgages at Barclays.
Offset Mortgages explained
Case Studies
Illustration 1: Reducing monthly payments as you save
Peter and Michelle are in their late 30s with two young children. They are currently putting aside £350 a month for when their children go to university in 10 years time but they also want to reduce their monthly outgoings.
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Illustration 2: Using savings to retire earlier
Julia is a 50-year-old manager. Her children are grown up and have left home so her monthly expenditure has dropped. She’d like to retire as early as possible and that means paying off her mortgage sooner.
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How to make the most of your Offset mortgage
- You can link most Barclays current and instant savings accounts, including all Barclays Mini Cash ISAs, to your Offset Mortgage. You can still manage your money your way and make your money work hard for you. Call 0800 022 4022** to find out more about the accounts you can offset.
- Use our offset calculator at www.woolwich.co.uk/offsetcalculator to help you make the most of your money with an Offset Mortgage
- You can manage your Offset Mortgage and linked accounts online, helping you to stay on top of your finances
- If you get a bonus from your employer, you could pay it into one of your offset accounts to help further reduce your monthly mortgage payments or reduce your mortgage term
- Saving for something special? Why not save the money in a linked savings pot to help reduce the interest you are charged on your offset mortgage? You can still access the money whenever you want
- You can link your Barclays ISAs to your Offset Mortgage – and you won′t lose the historical tax-free status of these accounts
- You won′t pay tax on your savings because it's not earning any interest. This can be especially efficient if you are a high-rate tax payer
- Even if your cash flow is unpredictable, any large sums you do receive will start working for you immediately with an Offset Mortgage
- If you save regularly towards your annual tax bill, you can have this money linked to your Offset Mortgage and have it working efficiently all year to reduce your mortgage payments or mortgage term
- Pay your salary in to your Mortgage Current Account and you can offset it against the mortgage from the day it’s received
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Your home may be repossessed if you do not keep up repayments on your mortgage.
