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An offset mortgage is a mortgage that you can use your savings in a linked account to reduce the amount of interest you pay on your mortgage. You don’t use your savings to pay off the mortgage but to reduce the interest charged on the repayments. How these mortgages work is by OFFSETTING the amount of money you have to repay on your mortgage against what is in your savings account so that you won’t pay interest on the amount of your mortgage that is in your savings account.
For example, your mortgage amount is £300,000 and you have £100,000 in savings.
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This means you will only pay the interest on £200,000 of the mortgage.
Most lenders still allow you to overpay by up to 10% of the loan amount each year so if your mortgage payments are lower due to the lower amount of interest you are paying then you can overpay which could make a huge positive impact on getting your mortgage paid off quicker.
Depending on the current climate and what you could get for your money elsewhere, there are times where an offset mortgage is a far better option.
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