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What is an Offset mortgage?
With an Offset mortgage, the more you save the more you could save on your mortgage payments
An Offset Mortgage is a way of using what’s in your savings and current accounts to reduce the mortgage balance you are charged interest on.
Offset Mortgages explained
By offsetting you could reduce your mortgage term or your monthly mortgage repayments and still keep instant access to your savings.
Offsetting could be a good idea whatever the level of interest rates. When rates are low and affecting the returns you get on your accounts, as they are now, you may find your savings work harder for you with an Offset mortgage. If you would like more information, please make an appointment with a Woolwich Mortgage Adviser at one of our branches.
How our offset mortgages work
Let’s say you had a mortgage of £180,000 and a total balance of £30,000 in your savings (including ISAs) and current accounts to offset against your mortgage. We’ll calculate your mortgage interest on the remaining balance of £150,000 only – potentially saving you thousands of pounds in interest payments over the term of your mortgage.
You can then choose to use this saving to:
- Reduce the term of your mortgage or
- Reduce your mortgage repayments.
The great news is that you still have instant access to your savings for as long as you have your Offset mortgage.
You can find out how much you could save with our Offset calculator.
Download a copy of our Offset brochure for more information on Offset mortgages.
New mortgage or additional borrowing query? Call
Existing mortgage query? Call
For any mortgage query, you can also pop into a branch.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Looking for alternative ways to use your savings?
| 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 Tracker |
3.09% (BBBR + 2.59%) variable for the term | N/A | 3.3% APR | £1,499 | 70% (max) of the value of your home (Minimum Loan £200,000) | 1% of the original balance upon full redemption until 30/09/2013 | Call 0800 316 5500* for Offset mortgages |
Offset Tracker |
3.49% (BBBR + 2.99%) variable for the term | N/A | 3.6% APR | £999 | 70% (max) of the value of your home | 1% of the original balance upon full redemption until 30/09/2013 | Call 0800 316 5500* for Offset mortgages |
Offset Tracker |
3.69% (BBBR + 3.19%) variable for the term | N/A | 3.8% APR | £999 | 75% (max) of the value of your home | 1% of the original balance upon full redemption until 30/09/2013 | Call 0800 316 5500* for Offset mortgages |
BBBR = Barclays Bank Base Rate, which is currently 0.50% (Effective 6 March 2009).
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.
Looking for a larger mortgage? We’ve developed a range of competitively priced, flexible mortgages for loans over £500,000. Find out more>>
