Woolwich - Offset Mortgages
Mortgage Quote Line
0845 108 0505
Offset Accounts Providers - Woolwich Openplan
The Woolwich Building Society was acquired by Barclays in 2000. Woolwich has retained its own brand name but it is now a trading name of Barclays plc, one of the strongest financial organizations in the UK and across the world.
The Barclays or Woolwich Openplan offset mortgage is becoming increasingly well-known and is available through either brand.
This type of mortgage allows the credit balances in savings and current accounts to be offset against a 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 interest is due. This means the mortgage could be paid off early or mortgage repayments could be reduced.
Woolwich Openplan offset 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.
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