About offsetting

Find out how offsetting your mortgage can reduce the amount of interest you pay

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What is offsetting?

With traditional banking

You earn interest on your savings and current account and pay interest on your mortgage

An example of this...

You usually pay more interest on your mortgage than the interest you're earning on your savings and current account

Plus, the interest earned on your savings and current account is taxable

Diagram showing the full amount of interest paid on a Standard Mortgage with a Saving Account and Current Account

Offsetting makes your money work smarter

The balance in your Intelligent Finance savings and/or current account reduces the balance on which you pay interest on your mortgage - and, because you don't receive interest on your current account and savings when offsetting, there is no tax to pay.

Even if you don't have any savings, you could pay your regular salary into your Intelligent Finance current account and benefit from offsetting that money against your mortgage. It doesn't matter that the amount of money in your current account will vary - whatever's in there from day to day will go towards offsetting the amount you owe on your mortgage.

Diagram showing the reduced amount of interest paid with an Offset Mortgage offsetting against a Saving Account and Current Account

Need help?

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Already have an Intelligent Finance Savings or Current Account?

You can apply for a mortgage online. Just register for online banking first, then log in and select "Enhance Plan".

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How do I apply?

Our mortgages are available exclusively through your local Professional Adviser.

How to find a Professional Adviser

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Which mortgage is right for me?

Your home may be repossessed if you do not keep up repayments on your mortgage.

Please note that our mortgage range is available to new mortgage customers and to existing Intelligent Finance mortgage customers who are moving home.