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An Offset Mortgage works by ‘offsetting’ a mortgage borrower’s savings against what they owe on their mortgage, therefore reducing the overall amount of interest that they pay.

For example:

A Borrower has a £100,000 mortgage

+ £20,000 in savings with the same banking institution

With an offset the borrower only pays interest on the £80,000 difference, which means that the borrower may be able to pay off their mortgage more quickly.

It is possible to link a child’s mortgage to their parents or other relatives’ savings. The savings can still be held in the parents’/relative’s name(s) and are accessible to them in the usual way.

To discuss any queries that you may have about Offset Mortgages, please feel free to contact us at your earliest convenience.

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