Offset mortgages
What does an offset mortgage mean to you?
It could mean paying off your mortgage years early. Watch our short videos and use our Offset Mortgage Illustrator to get the information you need.
- Find out how an offset mortgage works and how it could benefit you.
- Learn how our customers have potentially saved thousands of pounds
Call us to discuss your options:
0845 677 99971
If you prefer, we can call you back at a time that suits you.
Your home may be repossessed if you do not keep up repayments on your mortgage.
How a Barclays offset mortgage could work for you
This calculator provides you with a quick illustration of how an offset mortgage could help save you money and reduce the interest you pay on your mortgage balance.
Please note that this calculator does not provide a quote. It is for illustration purposes only. This information does not contain all of the details you need to choose a mortgage. Find out more information about the assumptions taken into consideration to calculate a result.
Assumptions
1. The rates shown in this tool are for illustration purposes. The Woolwich Offset rates currently available to you will be based on the ratio of borrowing against your property value. Other product restrictions may apply and mortgages are subject to personal circumstances.
2. The mortgage is a repayment mortgage. The tool should not be used for calculations relating to an interest only or part and part mortgage.
3. Where you provide an interest rate, we'll assume this interest rate applies for the mortgage term.
4. Any application fees or associated costs are not included in the interest calculation and are therefore not included in this illustration.
5. We will assume that the benefit of any savings and/or current account balances will start from the 1st of the month and we will assume that there are 12 months in a year.
6. We will assume that all of your savings balances earn the rate of interest stated, including Cash ISAs, and interest is calculated and applied annually over the duration of the illustration.
7. You pay all your mortgage payments on time and your current account never goes overdrawn.
8. You do not borrow any more money against your property during the mortgage term
9. We will assume that no overpayments to the mortgage capital are made, however overpayments are possible, subject to product criteria.
10. We will assume that you pay 40% tax. This is the assumed rate for all savings, including Cash ISAs, and in force for the duration of the mortgage.
11. We will assume that any Barclays current account balance entered would receive 0% interest if not linked to your offset mortgage.
12. We will assume that your existing Barclays savings, regular monthly savings and further additional income savings receive the average savings interest rate you input, if not linked to your offset mortgage. When offsetting, savings balances do not earn credit interest.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Applications are subject to standard lending criteria and all loans are subject to status.
Offset mortgages come in both repayment and interest-only options. Find out how much you could save by using our Offset mortgage calculator
Mortgage features
- Only pay interest on the difference between your mortgage amount and the balances in your linked offset current, savings and ISA accounts
- Use the offset benefit to reduce your monthly repayments or the term of your mortgage
- Manage your mortgage online and make transfers when it suits you
- Offset up to 12 eligible Barclays accounts for your different savings needs and use them all to reduce your mortgage payments or mortgage term
- Keep instant access to your savings and your historical tax-free ISA allowances. Accessing your savings may increase your mortgage term or monthly repayments
- Even though your current and savings accounts don't earn interest, they do reduce what you pay on your mortgage. You won't pay tax on your savings because it's not earning any interest
