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Offset mortgages explained
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Make the most of your savings with an offset mortgage
With an offset mortgage, you use the money in your savings and current accounts to reduce your monthly mortgage repayments or reduce your mortgage term. You won’t pay tax on your savings as they won’t be earning interest and you can still access them when you need to. Of course, accessing your savings may increase your mortgage term or monthly repayments.
How do offset mortgages work?
With an offset mortgage, you only pay interest on the difference between your mortgage amount and the balances in your current or savings accounts. You won’t pay tax on your savings as they won’t be earning interest and you can still access them when you need to.
Of course accessing your savings may increase your mortgage term of monthly repayments.
Offset mortgages are flexible because you can overpay as much as you like, whenever you can - although early repayment charges may apply if you pay off your mortgage in full.
Watch our videos to find out if it's the right option for you.
Offset Mortgage Illustrator
Use our Offset Mortgage Illustrator to find out if you could reduce your monthly repayments or your mortgage term with an offset mortgage. This is for illustration purposes only and does not constitute a mortgage quote.
- Quick and easy to use
- See how offset mortgage works in practice.
- Find out if an offset mortgage is right for you.
Offset could suit you if...
- You have any savings
- You are self employed and can ring-fence the money for your tax bills into the offset arrangement
- You have a cash ISA. You can offset your Barclays ISA to the mortgage arrangement.
Bank with Barclays
If you take out a Barclays offset mortgage, this includes a Barclays savings or current account which will link with your mortgage. You can manage your accounts online, over the phone or in branch and we have a wide range of accounts to suit all tastes. If you're switching your current account, we can take care of all the fiddly bits, at no extra cost.
