With offset mortgages the interest on the mortgage is reduced by funds in your savings account and current account. The more you have saved the less interest you pay on your mortgage.

Offset mortgages can be split into two basic types. The first offset mortgages were current account mortgages, which linked the homeowners current account with their mortgage. With this type of mortgage the customers has just one statement and balance. The balance is calculated daily and the homeowner pays interest on the outstanding balance.

The other type of offset mortgage is where the deposits are kept in separate accounts, but are linked for the purposes of interest calculation.

One of the drawbacks of offset mortgages is that the interest rates are rarely the best on the market.

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