Use this offset mortgage calculator to work out how much interest you could save (and how quickly you could pay off your mortgage) by offsetting your savings against your mortgage balance. Offsetting works by using your savings to reduce the mortgage balance you are charged interest on. This will reduce the amount of interest you pay on your mortgage and with less interest to pay, you can pay your mortgage off quicker.
Because you are not earning interest on savings linked to your offset mortgage, you wont pay any tax on the balances offset and you can still access them when you need to. However, withdrawing some of your savings may increase your mortgage term or monthly repayments.
You should note that this calculator makes certain assumptions, for example, that there are no fees, charges or any additional borrowing added to the mortgage and that the interest rate remains fixed at the level set for the whole term.
To use the calculator, enter your figures directly into the corresponding fields & then press 'Calculate'. Your results will appear below the calculator.