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Guide – Offset Mortgages

If you are a high earner expecting large bonuses or a self-employed professional who needs to keep large reserves of cash, an offset mortgage could be for you. With an offset mortgage, borrowers only pay interest on the difference between the total loan and their savings.

Offset mortgages not only close the gap between the interest received on savings and the interest paid on a mortgage, they also offer a significant tax advantage. The interest earned on savings linked to these mortgages is exempt from tax, making offset mortgages particularly attractive to individuals in the higher tax bracket.

Some mortgage lenders also allow borrowers the flexibility of switching to interest only if cash gets tight. As the money withheld in savings still goes towards paying the interest on the mortgage, this can be particularly beneficial as a way of improving cashflow when interest rates rise.

On the downside, most offset mortgages offer slightly less favourable interest rates to account for increased administrative work. If their savings are depleted, borrowers with offset mortgages can find themselves out of pocket.

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