What is an Offset Mortgage?

The chances are, you are paying a higher rate of interest on your mortgage than you are earning on the money in your current account and savings account. Our Offset Mortgage can turn this into your advantage.

By offsetting the balances in your linked Current Account and/or Savings account against your mortgage, you will pay interest on the difference. Instead of earning interest on your money, you will pay less interest on your mortgage.

Offset Mortgage benefits at a glance

You could save money and repay your mortgage sooner

By offsetting balances in your linked Current Account and/or Savings Account against your Offset Mortgage, you could save money and repay your mortgage sooner.

You could pay less tax

By using the money in your linked Current Account and/or Savings Account to save interest rather than earn it, there is no tax to pay.

Manage your money as usual

Your offset accounts remain completely separate and you can still access your money just as you normally would.

Our Offset Mortgage

Your rate tracks the Bank of England’s base rate (currently 0.50%) or the Society's product floor rate* plus 2.79% for the term of the mortgage.

You:

• will not be charged for the valuation of your property
• will receive free legal fees if you use a Society nominated solicitor
• will pay interest calculated daily
• will not be obliged to arrange insurances with the Society
• can make overpayments (when you have cash to spare)
• can make underpayments and take payment holidays (where you have made sufficient overpayments)
• will have to pay an early-repayment charge if you repay your mortgage in full within the first 12 months

*If the Bank of England base rate is 0.50% or less during the tracker period, the rate you pay will track a rate of 0.50% until the base rate rises back above this.

For full details or to arrange an appointment, simply contact us using any of the methods set out on the left of this page