Offset Mortgages FAQ's

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FAQs - Offset Mortgages

How does an offset mortgage work?
With an offset mortgage, interest payments on the mortgage are "offset" against the borrower's savings. For instance, if you have a mortgage of £100,000 and savings of £10,000, you only pay interest on the remaining £90,000.

How does an offset mortgage save money?
The interest earned on a savings account is much lower than the interest paid on a mortgage. An offset mortgage allows borrowers make up that difference. What's more, interest earned in this way is tax free.

How much can an offset mortgage save?
That depends on the amount of money put aside throughout the term of the mortgage, but savings can rack up in the tens of thousands of pounds.

What are the tax advantages of an offset mortgage?
Because the interest on savings is ploughed straight back into paying for mortgage interest, these earnings are automatically exempt from tax.

Who are offset mortgages aimed at?
Because of their tax benefits, offset mortgages are particularly attractive to high earners in the upper tax bracket and self-employed people who need to keep more cash in reserve.

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