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Compare offset mortgages
Compared fixed rate mortgages. Ditch your fix. How much can I borrow? Offset mortgage vs savings An offset mortgage is where you have savings and a mortgage with the same lender and your cash savings are used to reduce — or 'offset' — the amount of mortgage interest you're charged. How big is your mortgage?
Remaining mortgage term years. How much do you have in savings? Which income tax band are you in? Frequency Monthly Quarterly Annually. How long do you want to compare over?
Mortgage details Now we'll compare using a standard mortgage and a savings account vs using an offset mortgage. Get the latest mortgage info optional. By moving some of your savings into a special Offset Savings Account linked to your Offset mortgage, the interest you are charged on your mortgage is determined by the difference between the amount in your savings and the amount in your mortgage.
How we calculate these savings
Your Offset Mortgage and Offset Savings Account s remain separate, so you'll always have instant access to your savings if you need it. You can see how Offset mortgages work on the diagram below:. Offset Plus is a great option that lets family and friends link their savings to your offset mortgage. With the help of their savings, you get an extra financial boost to help reduce the cost of your mortgage.
The more savings your family and friends link to your mortgage, the more you can reduce the interest payable on your loan. Home Mortgages Offset Mortgage. Offset mortgages Combine your mortgage and savings to potentially pay off your mortgage sooner or reduce your monthly repayments. Your home may be repossessed if you do not keep up repayments on your mortgage.
Compare the best offset mortgage deals on the market
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Offset Mortgage | Mortgage types | first direct
Compare View deal. Select another mortgage to compare. What is an offset mortgage? There are three ways that you can make an Offset mortgage work for you The benefits of these options are explained below:. How does an offset mortgage work? Use your savings to reduce your interest payments Our Offset Mortgage takes into account other money you have with us when working out your interest payments. Find an Offset Mortgage for you Find a mortgage. You may also like. Is a Repayment Mortgage more suited to you?
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