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Mortgages

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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Important Information

Update on our lending policies : In our response to COVID-19, for the time being we are currently unable to accept applications on properties in Northern Ireland and properties valued at more than £2 million.  Click here to see the full list of details.

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Important information

  •  Chelsea Building Society's Standard Variable Rate is set independently of Yorkshire Building Society's Standard Variable Rate. This is because Chelsea Building Society is operated under its own brand and with its own products and services. As a result, Chelsea Building Society's Standard Variable Rate may be different from Yorkshire Building Society's Standard Variable Rate at any time and can vary upwards or downwards from time to time.
  •  Our mortgages have limited availability and may be withdrawn at any time.
  •  Applications subject to standard lending criteria and all loans subject to status.
  •  We cannot accept applications if the mortgage term you are requesting extends beyond your intended retirement date.
  •  All our mortgage products are available on a capital and interest (repayment) method only.
  • You have the right to repay the loan either partially or in full during the term of the loan.
  •  Early Repayment Charges and other fees & charges apply.

Need help with mortgage definitions?

If you are unclear what something means, our Mortgage glossary can help.

View glossary

 

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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 (105 KB) or here for more information.

Early Repayment Charges apply during the fixed/tracker rate period. Other fees and charges apply.

Alternatives to Offset mortgages

Fixed rate

Fix your interest rate, so it won't change over a set period of time, regardless of what is happening to interest rates elsewhere.

Fixed rate mortgages

 

Tracker

Mortgages that follow the Bank of England Base Rate - you could save money while the Base Rate remains low but your payments could also go up.

Tracker mortgages

 

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Want to know more?

The diagram below might help explain how offset mortgages work in conjunction with your savings.

View our offset guide

 

How can an Offset mortgage save me money?

Try our offset calculator to see how you could save money and pay off your mortgage sooner.

Takes approximately 2 minutes to complete

Offset calculator
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How much can I borrow?

Use our borrowing calculator to get an estimate of how much we could lend to you.

Takes approximately 5 minutes to complete

Borrowing calculator

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