Your home may be repossessed if you do not keep up repayments on your mortgage
With an offset mortgage, your savings and current account balances are linked to your mortgage account in order to reduce the mortgage balance you pay interest on. When you take out a Clydesdale Bank offset mortgage, you will have the choice to open up to six accounts, which can be any combination of eligible current and savings accounts, to link to your offset account.
Instead of earning interest in these accounts, the deposited money in these accounts would be used to offset the balance on your mortgage. So, you will only pay interest on the difference between your savings and your debit mortgage balance. For example, if you have a £80,000 mortgage and you have £10,000 in your linked current and savings accounts, your monthly mortgage interest would be calculated on £70,000, not on the full mortgage balance of £80,000.
Applicants must be aged 18 or over, All loans are subject to status. Security will be required.
If you have credit balances in your eligible savings or current account you could save money with an offset mortgage. Interest is calculated daily, meaning that your money will work harder every day it's in your account.
The value of any tax benefits to you depends on your individual circumstances, the Law and Her Majesty’s Revenue and Customs (HMRC) practice which are subject to change.
Please review our table of offset mortgages products. If you need more information, our advisors are on hand to help with your mortgage queries.