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What is an offset mortgage?
An offset mortgage is a mortgage that’s linked to your savings or current accounts. Instead of earning interest on your savings, you pay less interest on your mortgage.
We take away the money in your linked bank accounts from your mortgage balance and only charge interest on what’s left. Your monthly payments will stay the same, even if your savings grow. But more of your payment will go towards clearing your balance, so you can pay your mortgage off faster.
Offset mortgage example:
- You have a £250,000 mortgage
- You also have £50,000 in linked savings
- That means you only pay interest on £200,000
- Instead of reducing your payments, the money saved is used to pay off your mortgage sooner
We no longer offer offset mortgages to new or existing customers. If you already have an offset mortgage with us, nothing’s changed. We’ll continue to support your mortgage in the same way.
Offset mortgage benefits
- The bigger your savings, the less interest you pay
- Same monthly payments, so more goes towards clearing your balance
- Deposit or withdraw cash from linked bank accounts as normal
- You can still take payment holidays, overpay, or borrow back money you’ve overpaid (terms apply)
Good to know
- You won’t earn any interest on money banked in accounts linked to your mortgage
- You always need to make your full payment, even if your savings grow
Got a question?
We currently have products that are on sale and products that are no longer available, but are still eligible to be linked to an offset mortgage. Our current available products that can be linked are:
Club M Account
Club M Saver Account
M Plus Account
M Plus Saver
Our products that are no longer available for new customers, but can still be linked if you hold an account are:
Private Current Account
Private Savings Account
Current Account Control
Current Account Tracker
Savings Account Plus
Savings Account Plus – Offset
Offset Business Current Account
To link one of these accounts to your mortgage please call us on 0800 121 4203. We are open Monday to Friday 8am - 5pm except Wednesdays 9.30am - 5pm. We are closed on weekends.
If you're looking to open a new account, please visit our website to view our current on sale product range, or give us a call on 0800 678 3350. We are open Monday - Friday 8am - 6pm and Saturday 9am-1pm.
If you would like to open a new account to offset against your mortgage please visit our website to view our current range of products available to be offset. You will need your customer number at hand when applying for an account online.
If you have any questions about the accounts currently available to be offset, or would like to check that your chosen account is eligible to be offset before you open it, please call us on 0800 121 7365. We are open Monday to Saturday 7am - 9pm and Sunday 10am - 5pm.
Once you’ve opened your new account(s) and added funds, please contact us on 0800 121 4203 and our team will offset your account(s) against your mortgage. We are open Monday to Friday 8am - 5pm except for Wednesdays 9.30am - 5pm. We are closed on weekends.
Don’t risk losing your home – keep up your mortgage payments
Mortgages are secured on your home. Applicants must be 18 or over. All loans are subject to status.