Offset mortgage calculator

Tailored rates with firstmortgage.co.uk

Find out how much you can expect to repay per month with our offset mortgage calculator. Simply type in your mortgage amount, the interest rate and press the calculate button. Our offset mortgage calculator isn’t an exact quote, but it gives you a good idea of what you can afford. First Mortgage is one of the UK’s leading mortgage brokers - scouring the whole of the market for the best deal for you. We won’t charge you for our service and we guarantee that if you find a better deal we’ll not only match it - but also pay double the repayment difference for a year!

Use our offset mortgage calculator

What is an offset mortgage?

With an offset mortgage your current account, savings and mortgage are all connected together - though each in separate accounts. When interest is calculated, each balance is taken into consideration and the savings are offset against the mortgage. For example, your mortgage might be £100,000, but you have a savings pot of £20,000. That means that you will only pay interest on £80,000.

Before you use our offset mortgage calculator...

...You may want more information before making a decision on a new mortgage. While offset mortgages offer lots of benefits and incentives, they are not the right deal for everyone:

 If you have plenty of savings and money in your current account, an offset mortgage can save you interest

 However, any funds in your current account won’t gain interest. This isn’t so much of a problem when interest rates are low, as they currently are

 Higher savings helps you pay off your mortgage faster

 All of your other debts can be consolidated into a single sum (including credits cards, secured loans and store cards), so you can enjoy lower repayment interest rates

 Of course, the more you consolidate, the longer it will take to pay off your mortgage

 Unlike current account deals, you can still see your individual accounts, making it easier to budget and control your expenditure

 Because it suits people with an unpredictable income (particularly those who are paid in large lump sums) this is a popular deals with self-employed people, contractors, or people on a bonus scheme

 However, the extra flexibility means that interest rates are generally higher than other mortgage types

Use First Mortgage’s offset mortgage calculator

Call us on 0845 603 1525 for a free consultation with one of our friendly and experienced team. We are happy to offer advice and guidance, as well as help in using the offset mortgage calculator.

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