Your Offset questions, answered

Q. How does an offset mortgage work?

A. It’s very simple. Any savings you have are added together and offset against your mortgage before interest is calculated. This means you’ll pay less interest on your mortgage, and you could save thousands of pounds!

Q. How will this affect my mortgage repayments?

A. The choice is yours. You can either pay the same monthly amounts which will mean you'll pay less interest and finish your mortgage much earlier or you can reduce your mortgage payments and keep the existing term of the mortgage. Either way you win!

Q. Once I commit my savings, will I still be able to use my savings account?

A. Yes, you can add to or remove your savings like a normal savings account. The more savings you offset the less interest you will pay on your mortgage, you will not receive interest on your savings at any point. However, if you take money out, your mortgage interest will increase accordingly.

Q. Is it only my savings account that I can offset?

A. No, you can also use up to three separate savings accounts to offset against your mortgage. This includes two sole savings accounts and one joint account. So you and a partner can make the most of all your savings.

Q. Will I be able to use any features of a normal account?

A. Yes. You can still set up Direct Debits and Standing Orders to the account, deposit funds, and take out up to £300 per day (more on request).

Q. Is it a difficult process to switch my mortgage?

A. No, just call into your local branch and someone will gladly talk you through the whole process. Alternatively you could call one of our mortgage advisors on 08450 50 50 62.