We’ll open your Offset savings account as soon as your mortgage has completed.
You can add to it whenever you like – more money in your savings account means less interest to pay on your mortgage loan. And you can take money out of your Offset savings account whenever you like too.
There’s no minimum amount required, so you don’t have to save regularly.
When we open your Offset savings account, we won’t automatically transfer any Direct Debits, standing orders or funds into it from other accounts. You’ll need to do this yourself.
You can find all the information you need about how to use your account in the booklet we send you when we open the savings account for you. If you have any specific question about your Offset savings account, call us on 0800 121 8899.
If you have more money in your Offset savings account than you have on your Offset mortgage
You won’t receive any Offset benefit on the excess amount. You may wish to move some of your savings into an account that pays you interest.
If you have the same amount in your Offset savings account as the amount you owe on your mortgage
You’ll still need to make a capital repayment every month.
If you have no money in your Offset savings account
You won’t receive any Offset benefit. If this is the case, you may want to review your situation to make sure an Offset mortgage is still right for you.
Call us on 0800 121 8899 and we’ll be happy to help.