Mortgages

I don’t have many savings - so is a Britannia Offset Mortgage still worth considering?

Britannia Offset Mortgages can be a good solution, even if you only have modest savings.

How easy is it to set one up?

It’s actually very simple. You can set up a Britannia Offset in branch or over the phone and there’s no need to transfer current accounts or direct debits.

Why are Britannia Offset Mortgages tax efficient?

During the period your savings are offset against your mortgage they don’t earn interest. So they’re not subject to tax as they normally would be.

Now that my mortgage has only a few years left to run – is there any benefit in switching?

You can still save a lot of money in interest payments and reach the end of your mortgage term faster with very little hassle. Many people find it’s a wise decision.

What happens when my savings balance equals the amount I’ve got left to pay on my mortgage?

Beyond this point you can choose to pay it off in one lump sum or you can start to move your excess savings into an interest bearing account. However, early repyament charges will apply if you decide to pay off your mortgage in full or switch to another product. Please see the important information for more details.

What happens to my monthly payments if I add to my savings or withdraw money from them?

Your payments will remain the same but the time it will take you to pay off your mortgage is adjusted. This means you’ll know exactly what you’ll be paying each month and still have instant access to your savings.

What happens if Bank Base Rate changes?

Britannia Offset Mortgages track the Bank of England Base Rate so you can enjoy lower repayments if rates fall, although you will pay more if rates rise.