Mortgages

Conventional Mortgage

With a conventional mortgage and savings account, you pay interest on the money you borrow and earn interest on the money you save.

Offset Mortgage

With a Britannia Offset Mortgage, if you had £10,000 savings we'd offset that against your mortgage, so over the life of your mortgage we'd effectively only charge you interest on the difference, potentially saving you thousands in interest.

It's only fair to point out that no interest will be paid on your savings while they're offset against your mortgage.

How an offset mortgage works is simple

Over the life of the mortgage, you'll effectively only pay interest on the difference between the balance of your mortgage and savings accounts - making your savings work harder by reducing the overall amount of interest and the time it takes to pay off your mortgage.

The flexibility of paying more or less

A Britannia Offset Mortgage gives you the flexibility of overpaying, underpaying or taking payment holidays of up to 6 months. It's only fair to mention however that interest will continue to accrue on the mortgage during any payment holiday or period of underpayment.

Adding to your savings or making overpayments

If you find yourself with a lump sum or have a bit left over each month, you can add it to your savings balance - or pay off more of your mortgage.

Add to your savings account whenever you want to and still have instant access to your money via cashcard at any LINK cash machine or Britannia branch.

You can make overpayments directly off your mortgage at any time, without penalty, which gives you the opportunity to pay off your mortgage early. However, if you pay off your mortgage in full or switch to another product in the first three years, an early repayment charge will apply. See the important information for more details.

If you keep adding to your savings or make regular overpayments, you could save thousands of pounds in interest.

There's no minimum balance, and no limit to the amount of withdrawals you can make.

Need to dip into your savings?

You never know when you'll need a bit of spare cash.

Whether it's for a new car, home improvements or helping towards university fees, with a Britannia Offset Mortgage, you can withdraw from your savings at any time without giving any notice.

Your monthly payments will remain the same even if you dip into your savings. However, as long as you have some savings in your account, you will still be overpaying, therefore reducing your mortgage term and the interest charged.

	YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE