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        Updated: April 17, 2024

        Best Offset Mortgage Rates

        Looking for a cheap offset mortgage? Here’s how to find the best deal.

        Ask a quick question

        We can help! We know everyone's circumstances are different, that's why we work with mortgage brokers who are experts in Offset mortgages. Ask us a question and we'll get the best expert to help.

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        No impact on your credit score

        Offset mortgages account for around 3% of all mortgages and are only offered by a handful of lenders. They’re often not widely advertised and are instead sought out by those who are “in the know” about finances and who understand their benefits.

        If you’re looking for information about the current rates available for these products, you’re in the right place. Take a look at our table below to get an idea of the kind of deals available for offset mortgages.

        Lender Product Details
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        Looking for more rates and deals?

        We can match you with a mortgage broker who can provide you with up-to-date bespoke rates and deals from across the entire market and help you secure the best ones available.

        Last updated August 2023

        All the above rates are purely for example purposes, were correct at the time of writing and are subject to change at any time at the lender’s discretion 

        How to compare offset mortgage deals

        The smart way to compare the best offset mortgage deals is to speak with a mortgage broker who will be able to offer their in-depth experience with. Make an enquiry and we’ll match you with an offset mortgage specialist today.

        Your hand-picked offset mortgage broker will provide the following services:

        • Helping you decide which mortgage features you need
        • Identify which offset mortgages you’ll qualify for
        • Compare the total costs and spot any hidden fees
        • Secure the best rate and deal for you

        Your initial consultation with your broker will be free with no obligation to proceed and it won’t leave any marks on your credit report.

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        Maximise your chance of approval with specialist advice from a mortgage expert

        What is the typical interest rate for an offset mortgage?

        Offset mortgage rates are typically a little higher than an equivalent mortgage with no offset account. For example, the rate for a Barclays two-year tracker offset mortgage is 5.22%, compared to 4.26% for another two-year tracker within its range (at the time of writing, February 2023).

        So, you can expect the cheapest offset mortgage rates to start at 4.24%-4.44%. Typical rates for offset mortgages go up to 6.99%. Please note, however, that the rates available could change at any time.

        Rates for interest-only offset mortgages

        Offset mortgages are available on either a capital repayment or interest-only basis. The rates are usually the same for either, but to get an interest-only offset mortgage, you’ll typically need:

        • A larger deposit (the maximum LTV can be as low as 50%)
        • A repayment plan for the end of the term (e.g. an endowment policy or pension lump sum)

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        We want you to have complete confidence in our service, and get the best chance of securing your mortgage. We guarantee to get your mortgage approved where others can’t – or we’ll give you £100*

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        Best offset remortgage rates

        Some lenders offer specific remortgage rates or other incentives (e.g. cashback) to customers who are remortgaging.

        These include:

        • Accord Mortgages
        • Coventry Building Society
        • Family Building Society
        • Scottish Widows

        Please note that these remortgage deals are not necessarily the cheapest rate for someone in your position, as that will also depend on other factors such as your LTV and the type of mortgage you want. It’s always best to ask a mortgage broker for help to compare.

        Why use Online Money Advisor

        Because our free matching service could help you save time and money by pairing you with a mortgage broker who specialises in offset mortgages and arranges them every day.

        Now that you know a little more about the range of rates available, the next step is to speak to a broker, who can start the process of finding the best offset mortgage deal for you. This will be easiest and quickest if you find a broker who specialises in offset mortgages.

        We work with numerous brokers who can help you and we’d be happy to connect you with someone. To try our free broker-matching service, just call 0808 189 0463 or make an enquiry.

        Ask Us A Question

        We can help! We know everyone's circumstances are different, that's why we work with mortgage brokers who are experts in Offset mortgages. Ask us a question and we'll get the best expert to help.

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        Pete Mugleston

        Pete Mugleston

        Mortgage Expert, MD

        About the author

        Pete, an expert in all things mortgages, cut his teeth right in the middle of the credit crunch. With plenty of people needing help and few mortgage providers lending, Pete found great success in going the extra mile to find mortgages for people whom many others considered lost causes. The experience he gained, coupled with his love of helping people reach their goals, led him to establish Online Mortgage Advisor, with one clear vision – to help as many customers as possible get the right advice, regardless of need or background.

        Pete’s presence in the industry as the ‘go-to’ for specialist finance continues to grow, and he is regularly cited in and writes for both local and national press, as well as trade publications, with a regular column in Mortgage Introducer and being the exclusive mortgage expert for LOVEMoney. Pete also writes for OMA of course!

        FCA Disclaimer

        *Based on our research, the content contained in this article is accurate as of the most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms that are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs.

        Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.