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Offset mortgage

Offset Mortgage
Use your savings to reduce the length of your mortgage

 

If you have savings, why not take advantage of them? Linking your savings or current account to your mortgage could save you thousands of pounds in mortgage interest or reduce your mortgage term. You can still access your savings when you need to – but you won’t pay tax on them as they won’t be earning interest.

Learn how to make the most of your offset mortgage

Your home may be repossessed if you do not keep up repayments on your mortgage

Overview

Product Initial interest rate Follow on interest rate The overall cost for comparison is Application fee How much could I borrow? Early repayment charge
2 Year Offset Tracker 2.79% (BBBR + 2.29%)

variable for 2 years

3.89% (BBBR + 3.39%)

variable for the remaining term *

3.9% APR £1499 75% (max) of the value of your home None
Lifetime Offset Tracker 3.19% (BBBR + 2.69%)

variable for the term

N/A 3.4% APR £1499 75% (max) of the value of your home None
2 Year Offset Tracker 2.49% (BBBR + 1.99%)

variable for 2 years

3.89% (BBBR + 3.39%)

variable for the remaining term *

3.7% APR £1999 65% (max) of the value of your home (Min Loan £500k, Max Loan £2m) None

How our Offset mortgages work

Let's say you have a mortgage of £180,000 and a total of £30,000 in your current account, savings and ISAs. You can offset the £30,000 against your mortgage so you only pay interest on the balance of £150,000. You won't receive interest on the linked accounts, so you won't be liable for tax on them either.

 

How our offset mortgages work

Your home may be repossessed if you do not keep up repayments on your mortgage

A written personalised Key Facts Illustration is available from any Barclays branch, from Barclays Direct Mortgages on 0845 677 0002 4 or from this website.

Features of our flexible mortgage products:

  • No Higher Lending Charge
  • Applications are subject to status and a minimum age of 18
  • Mortgages are subject to valuation (maximum loan-to-value 90% or less than 90% with a Mortgage Current Account with an agreed Reserve Facility)
  • All flexible mortgages require a Barclays Mortgage Current Account
  • A first charge over your property is required
  • The mortgage is available on an interest-only and/or repayment basis. For an interest-only mortgage, it is your responsibility to ensure that you have sufficient funds to repay the mortgage at the end of its term
  • Woolwich mortgages must normally be repaid by the time you retire or reach the age of 70 years, whichever is sooner, and are not available for business purposes
  • We are a responsible lender and when considering your application for borrowing, your financial circumstances will be appraised. And remember, if you should run into difficulty, please contact us immediately

General information:

  • Telephone calls may be recorded or monitored
  • The property must be situated in the United Kingdom, which is England, Wales, Scotland and Northern Ireland. The Channel Islands and the Isle of Man are not part of the United Kingdom
  • All rates and charges quoted are correct at time the site was last updated
  • The mortgages featured are only available for residential purposes
  • Woolwich Switch & Save mortgages are only available to new customers remortgaging to us from another lender, ie not Barclays or The Woolwich
  • If you remortgage with us from another lender you may have to pay your present lender an early repayment charge

How to complain:

  • We are committed to providing a high standard of service to you and all of our customers. However, we have a set procedure that enables us to investigate and sort out complaints quickly and fairly
  • If you want to complain about this application or the service you've received, you may do so in person, in writing by post or email or by telephone
  • Details of our complaints handling procedures are available on request from any branch, our Customer Service team on 0800 33 44 99 5 (Monday to Friday 9am-5pm) or by reading our Complaints Commitment.

You can download our tariff of charges for our mortgage range here.

Tariff of charges 270 KB

Alternatively, you can get our tariff of charges in Braille, large print or audio tape/CD by calling 0800 400 100 5

Mortgage features

Linking your savings to your mortgage helps to make your money work harder. You can choose to link any of your Barclays Personal  current accounts or ISAs and most of your Cash ISA to your offset mortgage to reduce the mortgage balance you're charged interest on. This could help you reduce your mortgage term or your monthly mortgage payments. Since interest is calculated on a daily basis, even savings held for a few days will reduce the mortgage interest in the following month.

  • Use the offset benefit to reduce your monthly mortgage repayments or the term of your mortgage
  • Only pay interest on the difference between your mortgage amount and the balances in your linked offset current, savings and ISA accounts
  • Keep instant access to your savings and your historical tax-free ISA allowance
  • Cash ISA accounts can be offset against a Woolwich offset mortgage – it could be ideal if you want to transfer in cash ISA balances to offset against your mortgage
  • 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
  • Overpay as much as you like, whenever you're able (early repayment charges may apply on full redemption of your mortgage)
  • Offset up to 12 eligible Barclays accounts for your different savings needs and use them all to reduce your mortgage payments or mortgage term
  • Manage your mortgage online and make transfers when it suits you

Could be good for you if:

  • You're looking to make your savings work harder
  • You want the opportunity to pay off your mortgage earlier

Look at other options if:

  • You want to fix your monthly repayments

Applying for a new mortgage

Switch mortgages
Request additional borrowing

0800 197 1081 1

Discuss and apply in branch

O845 071 4963

 

Support for existing Woolwich mortgages


 

0800 022 4022 2

Woolwich mortgage awards

 

Looking for a different type of mortgage?

Fixed rate mortgage – Enjoy the security of fixed repayments for a set period
 

Tracker mortgage – Lifetime rates that reflect the market
 

Buy to Let mortgage – Choose the right mortgage for your rental property

 

Important information
1. Lines are open Monday to Friday 8am-9pm, Saturday 9am-8pm and Sunday 10am-4pm. To maintain a quality service, we may monitor or record phone calls. Read our call charges and information
2. Lines are open Monday to Friday 8.30am-5.30pm. To maintain a quality service, we may monitor or record phone calls. Read our call charges and information
3. To maintain a quality service, we may monitor and record phone calls. Calls to 0800 numbers are free when calling from a UK landline. Charges may apply when using a mobile phone or when calling from abroad. Read our call charges and information
4. To view Adobe® Acrobat® (PDF) files you will need Adobe® Acrobat®, available from Adobe Systems Incorporated. Adobe® and Acrobat® are the registered trade marks of Adobe Systems Incorporated in the United States and/or other countries. For more information on accessibility please see the Adobe Accessibility site
* BBBR = Barclays Bank Base Rate which is currently 0.50% (effective 6 March 2009).
** Subject to status and availability. To qualify for Barclays loyalty mortgages, customers must have an open and active Barclays Personal current account that has been credited with a minimum of £800 in each of the last three months. Customers must be 18 years or over to apply for a mortgage.

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Barclays Bank PLC. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register number: 122702). Barclays Bank PLC subscribes to the Lending Code which is monitored and enforced by the Lending Standards Board. Further details can be found at www.lendingstandardsboard.org.uk. Barclays Insurance Services Company Limited is authorised and regulated by the Financial Conduct Authority (Financial Services Register number: 312078).

Barclays Bank PLC. Registered in England. Registered no. 1026167. Barclays Insurance Services Company Limited. Registered in England. Registered no. 973765. Registered office for both: 1 Churchill Place, London E14 5HP. ‘The Woolwich’ and ‘Woolwich’ are trademarks and trading names of Barclays Bank PLC. Barclays Business is a trading name of Barclays Bank PLC.


 

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