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The mortgage will be secured on your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
Offset mortgages work in a similar way to traditional mortgage arrangements, except a savings account is attached to the mortgage.
In particular, offset mortgages are suitable for those who have money set aside but don’t need to use it right away, such as savings earmarked for a wedding. They can also suit you if you’re self-employed and need some money set aside to pay tax twice a year.
If you have any questions please contact our New Business Team who will be happy to provide more information.
Please note: Our Offset mortgages may be suitable for you if you're able to utilise savings, or any excess income, to either reduce your monthly payment or pay off the mortgage more quickly. Savings held in the Offset Saver can be accessed easily, however withdrawing savings will reduce the amount you save on your mortgage payments, or change the time it takes to pay off the mortgage.
An offset mortgage may not be suitable if you do not have adequate savings or excess income to add to the Offset Saver.