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What is an Offset mortgage?
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 help to reduce your monthly mortgage repayments or 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.
Learn how to make the most of your offset mortgage
By offsetting you could reduce your mortgage term or your monthly mortgage repayments and still keep instant access to your savings.
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.
See our loyalty deals below or find out more about Barclays loyalty mortgages.
New mortgage, switching mortgages or additional borrowing
Support for existing Woolwich mortgages
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 | ||||||
2 Year Offset Tracker |
3.29% (BBBR + 2.79%) variable until 28 February '14 | BBBR + 3.39%, currently 3.89% variable for the remaining term | 4.0% APR | £1,499 | 70% (max) of the value of your home | 1% of the original balance upon full redemption until 28 February'14 | Call 0800 316 5500* for Offset mortgages |
Lifetime Offset Tracker |
3.69% (BBBR + 3.19%) variable for the term | N/A | 3.9% APR | £1,499 | 70% (max) of the value of your home | 1% of the original balance upon full redemption until 28 February'15 | Call 0800 316 5500* for Offset mortgages |
Offset Tracker
Barclays loyalty mortgages† |
3.29% (BBBR + 2.79%) variable until 28 February '14 | BBBR + 3.39%, currently 3.89% variable for the remaining term | 3.9% APR | £749 | 70% (max) of the value of your home | 1% of the original balance upon full redemption until 28 February'14 | Call 0800 316 5500* for Offset mortgages |
BBBR = Barclays Bank Base Rate, which is currently 0.50% (Effective 6 March 2009).
† Subject to status and availability. To qualify for Barclays loyalty mortgages, customers must have an open and active Barclays personal current account that has been credited with a minimum of £800 in each of the last three months. Customers must be 18 years or over to apply for a mortgage.
Please refer to our tariff of charges for full details of fees associated with our mortgages.
Looking for a larger mortgage? We’ve developed a range of competitively priced, flexible mortgages for loans over £500,000. Find out more>>
