Offset Mortgage Calculator
This calculator provides you with an illustration on how an Offset Mortgage works and could help you make a decision on how to save money and reduce the mortgage balance you pay interest on. Calculations results should not be considered a quote.
This information does not contain all of the details you need to choose a mortgage. Make sure that you read the separate Key Facts Illustration before you make a decision.
More information on assumptions made to get the calculations results.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Assumptions
- We will pick the lowest Woolwich Offset rate currently available to you based on ratio of borrowing against your property value. Other product restrictions may apply and mortgages are subject to personal circumstances.
- Where you provide an alternative interest rate, we'll assume this interest rate applies for the mortgage term.
- Any application fees or associated costs are not included in the interest calculation and are therefore not included in this illustration.
- We will assume that any of the information you gave us and the interest rates we have used in the calculation will remain unchanged for the mortgage term.
- We will assume that the benefit of any savings and/or current account balances will start from the 1st of the month and we will assume that there are 12 months in a year.
- We will assume that your current account balance earns no interest.
- We will assume that all of your savings balances earn the rate of interest stated, including ISA's, and interest is calculated and applied annually over the duration of the illustration.
- You pay all your mortgage payments on time and your current account never goes overdrawn.
- You do not borrow any more money against your property during the mortgage term
- We will assume that no overpayments to the mortgage capital are made, however overpayments are possible, subject to product criteria.
- We will assume that you pay either a 0%, 20%, 40% or 50% tax rate although some customers may be on a 10% tax band. This is the assumed rate for all savings, including ISA's, and in force for the duration of the mortgage.
- We will assume that any current account balance entered would receive 0% interest if not linked to your offset mortgage.
- We will assume that your existing savings, regular monthly savings and further additional income savings receive the average savings interest rate you input, if not linked to your offset mortgage. When offsetting, savings balances do not earn credit interest.
- Where you have included further additional Savings entries further than your mortgage end date, these will not be included in your mortgage repayment calculation and therefore will not reduce your mortgage term or monthly payments.
- Make sure you obtain a separate Key Fact Illustration before you make a decision.
- Applications are subject to standard lending criteria and all loans are subject to status.
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