Put your savings to work with an offset mortgage
Linking savings accounts to an offset mortgage could make your money work harder by reducing the mortgage balance you pay interest on.
- You could save thousands of pounds in mortgage interest
- Use the savings to reduce your mortgage term or monthly payments
- Keep instant access to your savings, which you’ll no longer have to pay tax on
Your home may be repossessed if you do not keep up repayments on your mortgage.
What is an offset mortgage?
An offset mortgage links your current and savings account balances to your mortgage in order to reduce the mortgage balance you’re charged interest on. So, if your mortgage balance is £125,000 and you have £25,000 in your linked current and savings accounts, we’d calculate your monthly mortgage interest on £100,000 instead of the full mortgage balance of £125,000.
You can use the offset savings in one of 2 ways:
Reduce your mortgage payments
The interest you save in one month by offsetting could reduce your mortgage payment the following month.
Reduce your mortgage term
Keep your monthly mortgage payments the same and pay off your mortgage sooner.
Is it right for you?
An offset mortgage could be right for you if:
- You have savings in a Barclays current account or Cash ISA
- You want the opportunity to pay off your mortgage earlier
How much can you borrow?
Use our offset mortgage calculator to see how your savings could reduce your mortgage term or your monthly payments.
How to apply
Our mortgage calculator can help you work out how much you can afford to borrow. You can then complete an Agreement in Principle (AiP) to find out whether we’d be able to lend the amount you need – without affecting your credit score. If we can, the next step is to make an appointment with an adviser to apply for a mortgage.
Our current rates
This table outlines what the initial interest rate will be, as well as the follow-on rate, the amount you can borrow and any application and early repayment charges. You can sort any of the columns by selecting the column title.
Are you a Premier customer? See our dedicated mortgage range just for you.
Already have a mortgage with us? If you’re looking to switch, you can take advantage of our exclusive rates for existing customers.
The current mortgages data is unavailable. A complete list of all mortgage rates is available for download here.
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Initial interest rate
Follow on interest rate
Overall cost for comparison
Loan to value
Early repayment charge
More ways to buy your home
Subject to status and availability. You must be 18 years old or over to apply for a mortgage.
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