Barclays - Offset Mortgages

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Offset Accounts Providers - Barclays Openplan

Barclays was founded more than 300 years ago in London and has grown from a modest business to a global bank represented in Europe, the USA, Latin America, Africa, the Caribbean, Asia, the Middle East and Australasia. They are now one of the largest financial services organizations in the UK.

Barclays acquired the Woolwich Building Society in 2000 and their increasingly well-known Openplan offset mortgage account is available through either brand.

This type of mortgage allows the balances in savings and current accounts to be offset against an outstanding mortgage. Interest is then payable only on the difference between the two. Generally the interest rate on savings is lower than that on mortgage interest rates, so thousands of pounds could be saved during the term of the mortgage. Interest is calculated every day so all the time there is a credit balance available to offset against the mortgage, less is due in interest. This means the mortgage could be paid off early or repayments could be reduced.

Barclays' mortgages are available on either an interest only or a repayment basis and all their offset mortgages are set up on a tracker rate basis only so the rate is guaranteed to remain at a set level above the Barclays Bank base rate. No early repayment penalties apply and it is possible to switch to this of mortgage even when not moving house.

It is always a good idea to review mortgage arrangements regularly to ensure that you are getting the best deal possible. If you would like more information or if you would like independent advice about the best type of mortgage for you, please complete a Mortgage Enquiry Form and we will arrange for one of our specialist mortgage advisers to contact you. Alternatively, you can call us on 0845 108 0505.