Make your savings work harder for you
Our Flexible Offset mortgage offers a great way of using your savings or monthly overpayments to reduce the amount of interest you pay on your mortgage. This can save pounds in mortgage interest, be tax efficient and you could pay off your mortgage early.
How does it work?
Saving pot - a Flexible Offset mortgage allows you to use your savings to reduce the amount of mortgage interest you pay each month, saving you pounds in mortgage interest and could take years off your mortgage term.
If you have a £100,000 mortgage and £10,000 in your savings pot, you would only pay interest on a mortgage balance of £90,000.
This effectively means your £10,000 savings are earning the same interest rate as you are paying on your mortgage.
And when you compare with current interest rates on standard savings accounts, you can see how a Flexible Offset mortgage could make your money work harder for you.
So whether you have savings or just want to make overpayments when you can, a Flexible Offset mortgage could be the right mortgage for you.
Tax efficiency - if you are a taxpayer:
The interest you earn in a normal savings account is taxable, further reducing the amount of interest you receive. However, with our Flexible Offset mortgage the money in the savings pot is used to offset your mortgage balance and is not taxable.
This is a great way to save paying tax on your savings, especially if you're a higher rate taxpayer.
Keep easy access to your money - you can access your savings pot whenever you need to:
No charges are made for withdrawals.
The money will be transferred into a nominated account the next day, subject to a minimum withdrawal of £100 per transaction.
Flexibility of payments - giving you full control of your mortgage:
You can overpay any amount as and when you want to. Or, providing you have sufficient funds available in your savings pot, you can underpay and take payment holidays, giving you control of your payments.
You can also repay any amount off your mortgage without incurring an Early Repayment Charge
Great deal for life - no more fees and no more hassle:
Guaranteed tracker rate for the life of your mortgage so no need to ever move your mortgage again.
If you decide to move home, your Flexible Offset mortgage can easily be transferred to your new property, so you will continue to enjoy the same great rate, even if you need to borrow more!
Extra borrowing - for home improvements or a special purchase:
Benefit Packages - if you are a new customer moving home or looking to move your mortgage to us, on most of our mortgages we will give you:
A free standard valuation on a property value of up to £2.5 million
If you are remortgaging, we will arrange and pay for all your standard legal work OR
If you're moving, we will give you £250 cashback when you move in to spend on your new home
- You only need to repay the paid legal fees or the cashback if you repay your mortgage within the first two years.
Manage your mortgage online - from the comfort of your home:
Whichever way you choose to manage your account we offer a great mortgage service
All applications are subject to status and our current lending criteria. This means that the amount we will lend you will depend on your individual circumstances, the type of property and the amount you borrow. For example, we may require a higher deposit if you are buying a flat or a new build property
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE