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We’re proud to have won industry-recognised awards from Your Mortgage, Moneyfacts, Moneywise and Your Money.
Offset mortgages
Our flexible offset mortgages are designed to work round you, which means you can manage your money as it suits you. By offsetting your current accounts, savings and ISAs against your mortgage, you could cut years off its term and reduce the amount of interest you’ll pay. There are no limits on overpayment and it’s portable too, so you can take it with you when you move home. What’s more your savings will be working harder by saving interest on your mortgage rather than your savings interest being taxed.
With our offset mortgages you’ll get:
The chance of offsetting up to 12 accounts and access to them whenever you want
The choice to reduce your monthly repayments or your mortgage term through capital repayments
Charged interest only on the difference between your mortgage amount and the balances in your current and savings accounts
Your interest calculated daily so you benefit as soon as you pay money into your savings or current accounts
The option to borrow back anything that you have overpaid using your mortgage reserve (a Mortgage Reserve is a secured overdraft which enables you to borrow against the equity in your home).
The ability make your ISA savings work harder for you now by offsetting them, whilst protecting your annual tax free ISA allowances for the future
No hidden charges and no early repayment charges
How our offset mortgages work
Let’s say you have a mortgage of £180,000. You also have £30,000 in savings, your current account, and ISAs. We’ll offset the total amount in these accounts against your mortgage. So your mortgage interest is calculated on the remaining balance of £150,000 only. While you won’t be paid interest on your linked current or savings accounts, you save the interest on your mortgage instead so there’ll be no taxes paid on them either.
Give us a call if you want to chat about mortgages
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0800 316 5500*
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Your home may be repossessed if you do not keep up repayments on you mortgage.
Selection of our current offset mortgages
| Product | Interest rate | The overall cost for comparison is | Application fee | How much can I borrow? | Early repayment charge |
Find out more or apply | |
|---|---|---|---|---|---|---|---|
| Initial | Following on to | ||||||
Offset Tracker¹ |
BBBR + 0.74%, currently 5.74%, variable for the term of the mortgage | N/A | 6.0% APR | £595† | Up to 60% of the value of your home | None | Call 0800 316 5500* for Offset mortgages |
Offset Tracker¹ |
BBBR + 0.99%, currently 5.99%, variable for the term of the mortgage | N/A | 6.2% APR | £595† | Up to 80% of the value of your home | None | Call 0800 316 5500* for Offset mortgages |
¹ Only available through Barclays branches or Barclays Direct
BBBR = Barclays Bank Base Rate, which is currently 5.00% (Effective 11 April 2008).
† Where an existing customer switches to a new mortgage rate, a rate switch fee of £100 would also apply.
Please refer to our tariff of charges for full details of fees associated with our mortgages. These should be read in conjunction with our legal information.
