Offset Mortgages

Jones & Young are expert OffSet Mortgage Brokers, providing homeowners the opportunity to reduce the amount of interest on a mortgage by utilising their savings. 

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What is an offset mortgage?​

An offset mortgage is a type of mortgage that lets you use your savings to reduce the amount of interest you pay on your home loan.

It works by linking a savings account to your mortgage. The amount in your savings account is then subtracted from the amount you owe on your mortgage, before the interest is calculated.

How do offset mortgages work?

Offset mortgage work by calculating interest on the difference between the mortgage balance and the linked savings. This can lead to lower interest charges and potentially allow the borrower to pay off their mortgage sooner.

What are the benefits of Offset mortgages rates?

With offset mortgage rates, borrowers can reduce their mortgage interest and potentially pay off their mortgage earlier. Additionally, they can benefit from the flexibility to repay their mortgage faster and offset their savings against their mortgage balance.

How can I compare offset mortgage deals?

When comparing offset mortgage deals, it’s important to consider factors such as the interest rate, mortgage term, and any additional features offered. It’s also advisable to compare the mortgage provider and the mortgage application process for each deal.

Is an offset mortgage suitable for Buy-to-Let properties?

Some lenders offer offset mortgages for Buy-to-Let properties. Borrowers can benefit from an offset mortgage by using rental income to offset against the mortgage and potentially reduce the interest payable.

Can I use an offset mortgage to overpay my mortgage?

Yes, with an offset mortgage, you can use your savings to overpay your mortgage, which can help reduce the mortgage term and save on interest paid.

What are the different types of offset mortgages available?

There are various types of offset mortgages, including family offset mortgages, savings offset mortgages, and standard repayment mortgages.

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90-95% Loan to Value (LTV)

Loan to Value(LTV) options typically 90-95%

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The Lenders average your income over the last 3 months' GROSS pay. Not the net amount from your tax calculations.

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Offset Mortgage Rates FAQs:

We’ve done our best to try and answer some of the most frequently asked questions about offset mortgages.

What is the best offset mortgage?

It can be challenging to pinpoint the absolute best offset mortgage as it largely depends on individual financial circumstances, the amount you plan to offset and the rate at which you can repay. However, the mark of a good offset mortgage product usually offers competitive mortgage interest rates, flexibility in terms of savings and repayments, as well as no restrictions on offset savings account deposits and withdrawals. Always seek mortgage advice or speak with a mortgage broker to find the best offset mortgage for your situation.

An offset mortgage allows you to reduce your mortgage interest by allowing the value of your offset savings to be deducted from your mortgage debt before calculating the interest due. This means that the higher your savings are, the lower your mortgage interest payments can be, enabling you to pay off your mortgage quicker or reduce your mortgage term.

While offset mortgages are available to many, not everyone may benefit from them. An offset mortgage is particularly beneficial for those with substantial savings. It’s also beneficial for tax payers in high-income brackets since they can use their savings to offset mortgage debt without having to pay tax on the interest earned. For those with little to no savings or those with an interest-only mortgage, other mortgage products may be more suitable.

Offset mortgages, while beneficial, aren’t without risks. The main disadvantage is that typically, the interest rates are slightly higher than those of standard mortgages. Also, if the savings that you offset against your mortgage are withdrawn or reduced, your mortgage payments could increase. Knowing these potential disadvantages of offset mortgages can help you make a more informed decision.

The primary benefits of an offset mortgage include potential savings on total interest paid over the term of the mortgage and the flexibility it affords. You can either choose to reduce your mortgage interest payments, which can save you substantial money over time or reduce your mortgage accordingly.

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