Offset Mortgage Best Deals
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Overall Cost for Comparison 3.80% APRC. This is the cost of the mortgage over the full term. Early redemption charges may apply.
An offset mortgage is a flexible type of mortgage that allows you to link your savings and current account to your mortgage, potentially providing you with some significant savings on your interest payments.
Many different banks and building societies provide offset mortgages. It is therefore advisable to take the time to research the best deals on offset mortgages in order to find the most competitive offer available.
If you are searching for a suitable offset mortgage deal, it is also recommended to compare mortgage offers as much as possible. To this end, you can use our FREE mortgage comparison tool to help you find the latest offset mortgages from a selection of over 5,000 on the market:
No mortgages were found which match these requirements. Please use the search form above to find mortgages which suit your precise requirements.
Typically, an offset mortgage would work in the following way:
- Your mortgage would be linked to your savings account
- Some providers may also allow linked current accounts, unsecured loans and credit cards
- By sacrificing earning interest on credit balances, you would reduce the amount of interest you would have to pay on debit balances
If for example had a mortgage of £225,000 and savings of £50,000, you would only pay interest on £175,000 of your mortgage loan, allowing you to safe a significant amount in the long term.
It is also important to remember that there are providers who sell different types of offset mortgages. It is important to remember that the best deal on an offset mortgage for one customers, may not necessarily be suited to another, the best offers depend a great deal upon the customers circumstances.
The most common variations of an offset mortgage are:
- Fixed rate mortgages, that guaranteed fixed interest rates for a set period of time
- Tracker mortgages, that have their rates adjusted according to the Bank of England’s rates
Standard variable rate mortgages, that may have their rates adjusted according to the lenders policy.
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