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Offset mortgage FAQs
Some of your frequently asked questions answered about our Offset mortgage.
The following questions and answers relate to our Owner Occupier Offset mortgage.
We also offer Buy to Let Offset mortgages. You can find out more about how our Buy to Let Offset mortgages work and the options available.
If your mortgage completes before the 15th of the month then after the first direct debit has been taken, the date for subsequent direct debits will need to be changed to fall on or after the 15th of the month. If you have completed on or after the 15th day then no action needs to be taken.
You can notify us any time you wish, by phone, in writing, or by secure message via our online service.
For requests received up to the 25th of a month, your direct debit amount will be changed on the 1st of the following month. For example, if you notify us on 20 January, your direct debit amount will change for your February payment. In this example your new direct debit date will be changed to fall on or after 15 February, however you can specify any date from the 15th until the end of the month.
The minimum you can start offsetting with is £100 and you can offset up to 100% of the mortgage amount.
You will not be charged any interest at all for the months where 100% of the mortgage is offset by savings. Please remember that no interest will be paid on amounts held in the offset savings accounts linked to your mortgage even if the total exceeds 100% of the mortgage.
Yes, other family members can open an Offset Saver account linked to your mortgage to help reduce interest due.
Including your own account, up to four savings accounts can be linked to an offset mortgage. Spouse or partner, parents, grandparents, aunts, uncles, brothers and sisters all qualify to open an account.
Eligible deposits with the Society are protected by the FSCS. This savings product is covered by the FSCS. For more information visit our FSCS protection page.
Up to four borrowers can be involved in an Offset mortgage, so long as they meet our lending and affordability criteria and at least one of these must meet eligibility criteria.
To find out more, download our lending criteria.
As you have chosen an Offset mortgage, your first mortgage payment will not take into account any money held in the Offset Saver account, and will be calculated in line with a ‘standard’ mortgage. Offsetting will take effect for payments due after the first payment we collect. The interest added to your account will be adjusted immediately, following a deposit or withdrawal. If you offset your savings within the first month after completion, the difference between your monthly payment and the interest you have saved will reduce your mortgage balance.
You will not benefit from any excess money held in the Offset Saver account which exceeds 100% of the mortgage owed. You can view your account balances via our Online Service, and manage your Offset Saver balance accordingly.
Do you need our help?
If you have questions or need our help please contact our friendly New Business Team.
Download a brochure
Find out more about our Offset mortgage and how it can work for you.
Offset mortgage calculator
Find out how much interest you can save over the term of your mortgage with our simple to use calculator.