1 Year Offset Mortgages

If you have money in a savings account or have a current account that is in credit the majority of the time, you may find that your money could work much harder for you by offsetting it against your mortgage.


There are a number of different lenders who could offer you deals on 1 year offset mortgages. The following mortgage comparison tables may be able to help you find a mortgage deal that is suitable for you.


For many people, a 1 year offset mortgage could be beneficial for the following reasons:

 

  • As your monthly payments would be based on your whole mortgage loan, you could end up paying off your mortgage early as you are effectively overpaying each month
  • Your savings would not be subject to income tax, as they would be used to reduce your mortgage; this could be particularly attractive to higher-rate taxpayers.


You could have a number of quotes for great value mortgage deals in a few minutes by using the product comparison tables below.

Offset Mortgage Deals

Provider

Type

Initial Interest Rate

Initial Term

Max LTV*Product Fee 
Offset Fixed

1.44%

Reverts to 3.69%

2

Years

60%

YesMore Info >
Early redemption charges may apply. Overall Cost for Comparison 3.50% APRC. This is the cost of the mortgage over the full term.
Offset Fixed

1.49%

Reverts to 3.69%

2

Years

75%

YesMore Info >
Early redemption charges may apply. Overall Cost for Comparison 3.50% APRC. This is the cost of the mortgage over the full term.
Offset Fixed

1.99%

Reverts to 3.69%

2

Years

60%

NoMore Info >
Early redemption charges may apply. Overall Cost for Comparison 3.50% APRC. This is the cost of the mortgage over the full term.
Offset Fixed

2.09%

Reverts to 3.69%

2

Years

75%

NoMore Info >
Early redemption charges may apply. Overall Cost for Comparison 3.50% APRC. This is the cost of the mortgage over the full term.
Offset Discount

2.29%

Reverts to 4.70%

2

Years

75%

YesMore Info >
Early redemption charges may apply. Overall Cost for Comparison 4.40% APRC. This is the cost of the mortgage over the full term.
Offset Discount

2.29%

Reverts to 4.70%

2

Years

75%

YesMore Info >
Early redemption charges may apply. Overall Cost for Comparison 4.40% APRC. This is the cost of the mortgage over the full term.
Offset Discount

2.49%

Reverts to 4.70%

2

Years

80%

YesMore Info >
Early redemption charges may apply. Overall Cost for Comparison 4.50% APRC. This is the cost of the mortgage over the full term.
Offset Lifetime Tracker

2.74%

Life of the mortgage

60%

NoMore Info >
Early redemption charges may apply. Overall Cost for Comparison 2.80% APRC. This is the cost of the mortgage over the full term.
Offset Lifetime Tracker

3.14%

Life of the mortgage

60%

NoMore Info >
Early redemption charges may apply. Overall Cost for Comparison 3.20% APRC. This is the cost of the mortgage over the full term.
Offset Discount

2.49%

Reverts to 4.70%

2

Years

80%

YesMore Info >
Early redemption charges may apply. Overall Cost for Comparison 4.50% APRC. This is the cost of the mortgage over the full term.
Offset

4.95%

Reverts to 4.95%

2

Years

85%

YesMore Info >
Early redemption charges may apply. Overall Cost for Comparison 5.20% APRC. This is the cost of the mortgage over the full term.
Offset

2.95%

Reverts to 4.95%

2

Years

85%

YesMore Info >
Early redemption charges may apply. Overall Cost for Comparison 5.20% APRC. This is the cost of the mortgage over the full term.

*LTV = Loan to value (how much mortgage you have or require in relation to the value of your property).

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

The above Offset mortgage products are a selection of deals available directly through lenders who will be able to provide further information about the product you are interested in. If you are unsure about what mortgage product is suitable for you, we suggest you contact our independent mortgage broker team at - independent mortgage broker or call on 0117 332 6063

An offset mortgage would normally work in the following way:

 

  • Your savings account, and sometimes your current account, would be linked to your mortgage
  • Rather than earning interest on your savings, the amount of interest owed on your loan would be reduced
  • For example, if you had a mortgage loan of £100,000 and savings of £5,000, you would only pay interest on £95,000
  • You could have the option to make overpayments, underpayments or take payment holidays; you may also be able to draw money out of your mortgage


1 year offset mortgages could come with different types of interest rates, such as:


Fixed rate
This would guarantee that your interest rate would stay at a fixed amount for a predetermined period.


Tracker
Tracker mortgages are linked to the Bank of England base interest rate, and could rise or fall accordingly.


Standard Variable Rate (SVR)
The SVR is the lender’s basic interest rate without any type of discount; it is not fixed, so could move up or down.


There are many providers competing for your custom with regards to offset mortgage deals, so make sure that you get a few offers before committing yourself to such a serious financial commitment.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

The above mortgage products highlighted on this website are available directly through lenders who will be able to provide further information about the product you are interested in. If you are unsure about what mortgage product is suitable for you, we suggest you speak to an independent mortgage broker