Offset Mortgage

Jargon Buster
Offer of Loan
15th May 2019
16th May 2019

This is a flexible mortgage which allows a borrower to keep balances (such as mortgage debt, savings account and current account) in separate accounts but, for the purposes of interest calculation, all balances are aggregated. Money in the linked offset savings account is ‘offset’ against the mortgage balance and interest is only charged on the outstanding amount.  This means that you will have the option to either reduce the term of your mortgage or reduce your monthly payment.

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