What is offsetting?
With traditional banking
You earn interest on your savings and current account and pay interest on your mortgage
An example of this...
You usually pay more interest on your mortgage than the interest you're earning on your savings and current account
Plus, the interest earned on your savings and current account is taxable
Offsetting makes your money work smarter
The balance in your Intelligent Finance savings and/or current account reduces the balance on which you pay interest on your mortgage - and, because you don't receive interest on your current account and savings when offsetting, there is no tax to pay.
With an Intelligent Finance offset plan, even if you've just started saving and don't have a large balance built up, your regular salary paid into your Intelligent Finance current account will be offset against your mortgage, and save you interest. It doesn't matter that the amount of money in your current account will vary - whatever's in there from day to day will go towards offsetting the amount you owe on your mortgage.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Please note that our mortgage range is available to new mortgage customers and to existing Intelligent Finance mortgage customers who are moving home.