Flexible Offset mortgages

Make your savings work harder for you

How does it work?

Saving pot  -  a Flexible Offset mortgage allows you to use your savings to reduce the amount of mortgage interest you pay each month, saving you pounds in mortgage interest and could take years of your mortgage term.

For example:

• If you have a £100,000 mortgage and £10,000 in your savings pot, you would only pay interest on a mortgage balance of £90,000.
  
• This effectively means your £10,000 savings are earning the same interest rate as you are paying on your mortgage.

And when you compare with current interest rates on standard savings accounts, you can see how a Flexible Offset mortgage could make your money work harder for you.

So whether you have savings or just want to make overpayments when you can, a Flexible Offset mortgage could be the right mortgage for you.

Tax efficiency - if you are a taxpayer:

• The interest you earn in a normal savings account is taxable, further reducing the amount of interest you receive. However, with our Flexible Offset mortgage the money in the savings pot is used to offset your mortgage balance and is not taxable.
  
• This is a great way to save paying tax on your savings, especially if you're a higher rate taxpayer.

Keep easy access to your money - you can access your savings pot whenever you need to:

• No charges are made for withdrawals.
  
• The money will be transferred into a nominated account the next day, subject to a minimum withdrawal of £100 per transaction.

Flexibility of payments - giving you full control of your mortgage:

• You can overpay any amount as and when you want to. Or, providing you have sufficient funds available in your savings pot, you can underpay and take payment holidays, giving you control of your payments.
  
• You can also repay any amount off your mortgage without incurring an Early Repayment Charge

Great deal for life - no more fees and no more hassle:

• Guaranteed tracker rate for the life of your mortgage so no need to ever move your mortgage again.
  
• If you decide to move home, your Flexible Offset mortgage can easily be transferred to your new property, so you will continue to enjoy the same great rate, even if you need to borrow more!

Extra borrowing - for home improvements or a special purchase:

• You could borrow additional money in the future, at the same rate as your mortgage up to an agreed limit.

Benefit Packages - if you are moving home or looking to move your mortgage to us, we will give you:

• A free standard valuation on a property value of up to £2.5 million
  
• If you are remortgaging, we will arrange and pay for all your standard legal work  OR
  
• If you're moving, we will give you £250 cashback when you move in to spend on your new home
  
• Available on all Flexible Offset mortgages.
  
• You only need to repay the paid legal fees or the cashback if you repay your mortgage within the first two years.

At Santander we like to reward our customers - for our Current Account holders:

• We have an exclusive range of Flexible Offset mortgages please see our Flexible Offset deals for further information
  

Manage your mortgage online - from the comfort of your home:

• Use our excellent online facility to manage your mortgage at Santander.co.uk. You can register for e-mortgage by calling 0845 600 3530
  
• View our online demonstration to see how our e-mortgage service works. You can also manage you mortgage account by phone or post.
  
  

Whichever way you choose to manage your account we offer a great mortgage service

How to contact us

For more information on how your savings could work harder for you or if you would like to make an application, speak to one of our Mortgage Advisers today. Please phone us free* on 0800 023 2761 or call into any Santander branch. (branch finder)

If you already have a Santander mortgage, we have a range of Flexible Offset mortgages that may suit you. Please call free* on 0800 092 3881

* Call Charges Information

All applications are subject to status and our current lending criteria. This means that the amount we will lend you will depend on your individual circumstances, the type of property and the amount you borrow. For example, we may require a higher deposit if you are buying a flat or a new build property

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