How an offset mortgage could save you money
With an offset mortgage the more you save, the more you save on your mortgage repayments. It works by setting your savings and current account balances against your mortgage, so you only pay interest on what's left. While you're offsetting this money you can still access it whenever you like. And although you're not earning interest on your savings, you won't be taxed either. Since your savings are offsetting at the full mortgage rate, they could save you more money on your mortgage than you'd earn with a savings account.
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A mortgage for these changing times
- Instant Access You can dip into your savings whenever you need to
- Tax efficient The interest you save on your offset mortgage may well add up to more than any interest earned on savings after tax. This is even more the case if you're a higher-rate tax payer
- Flexible You can see all your accounts online, transfer money between them, and add and remove eligible accounts.
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Putting you in control
Offset mortgages are all about choice.
- With interest calculated daily, deposits immediately make a difference
- You can decide to reduce the repayments you make each month or pay off your mortgage early.
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What you'll need for an offset mortgage
If you're interested in taking out a Woolwich Offset Mortgage with us, we'll ask for a deposit based on the product range available. You'll also need a Barclays current account, which we can set up for you.
If you'd like to know more, give our mortgage specialists a call on 0845 070 4431*
or we can call you back. Alternatively, pop in to your local branch and make an appointment with a mortgage adviser.
Let us do the sums for you
See how much you could save with our Offset Mortgage Calculator.
Looking for a different type of mortgage?
Our full range includes tracker and fixed rate mortgages.
*Lines are open Monday to Friday 9am-8pm and Saturday 9am-2pm. Sunday closed. To maintain a quality service, we may monitor or record phone calls. Read call charges info.
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Top 5 asked questions
- How can I be sure an Offset Mortgage is right for me?
All areas > - I have a lifetime tracker or offset tracker, but my monthly payment hasn't reduced in line with the Bank of England base...
All areas > - How many Offset arrangements can I have?
All areas > - How can I change my Offset arrangements?
All areas > - Can I change the names of my Offset Savings pots?
All areas > - Can I withdraw an account from the offset mortgage arrangement?
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* Eligibility criteria and conditions apply. Loans are subject to status. We set individual rates on the basis of your financial status and the amount borrowed. You may be offered a Barclayloan instead of a Barclayloan Plus and therefore the rate you're offered may differ from the typical APR shown.
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We offer a number of mortgage options including fixed rate, tracker, offset, buy-to-let and first-time buyer mortgages. If you're a first-time buyer, read our first-time buyer guide to help you with everything from choosing the right mortgage to moving in.
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