YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Chelsea Building Society do not currently have any mortgage products available for new customers. New customers should visit our sister company, Yorkshire Building Society. Products for existing customers are still available.
Is an Offset mortgage right for me?
If you have savings, you can make the most of them by simply linking them to your mortgage.
Rather than earning interest on your savings you reduce the amount of interest you pay on your mortgage.
This means you can reduce the length of time it takes to repay your mortgage or you could lower your monthly payments now or in the future.
You will still have the flexibility to access your savings to deposit more or make withdrawals but doing so will change how much you could save on mortgage payments or the time it takes to repay your loan.
You have the option to either fix the interest rate on your offset mortgage for a set time or for your interest rate to track the Bank of England Base Rate for a specified period of time.
Protecting your money: Deposits in the savings element of your Offset mortgage are covered by the Financial Services Compensation Scheme (FSCS), up to a total of £85,000 of the total deposits held with the following: Yorkshire Building Society, Barnsley Building Society, Chelsea Building Society, Norwich & Peterborough Building Society and Egg. Please refer to the
FSCS information sheet or here for more information.
Early Repayment Charges apply during the fixed/tracker rate period. Other fees and charges apply.
Alternatives to Offset mortgages
Fix your interest rate, so it won't change over a set period of time, regardless of what is happening to interest rates elsewhere.