Offset Saver Account

The Offset Saver Account facility can be used on our mortgages if the eligibility criteria are met.

 

 Features

Eligibility

  • The minimum balance of an Offset Saver Account is £100
  • The maximum balance of an Offset Saver Account is £1 million
  • For at least 1 month after the mortgage completes, the minimum net balance of the mortgage account after offsetting any savings must be £50,000

Product choice

  • The offset facitilty is available with all our current mortgage products
  • If your client’s mortgage is made up of more than 1 product and/or payment type, please advise which part they would like to offset against
  • If part repayment and part interest only is chosen, clients can only offset against 1 portion

How interest is calculated

  • Interest is calculated daily on the mortgage account balance less the offset saver account balance, and applied monthly to the mortgage account

Offset Saver Account

  • The Offset Saver Account must be opened in the same name(s) as the mortgage account
  • Transfers to and from the Offset Saver Account will be made by electronic funds transfer to/from a designated personal bank or building society account

Offset benefit

  • With reduced term, monthly mortgage payments remain at the same level until an interest rate change, meaning the term could be decreased
  • With reduced monthly payment, monthly mortgage payments are reduced and can fluctuate each month
  • No credit interest will be paid to Offset Saver Accounts if the balance exceeds the mortgage debt

Mortgage term

  • The original term of the mortgage is unchanged

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Scottish Widows Limited. Registered in England and Wales No. 3196171. Registered office in the United Kingdom at 25 Gresham Street, London EC2V 7HN. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Financial Services Register number 181655.

Scottish Widows Unit Trust Managers Limited. Registered in England and Wales No. 1629925. Registered Office in the United Kingdom at Charlton Place, Andover, Hampshire SP10 1RE. Tel: 0345 300 2244. Authorised and regulated by the Financial Conduct Authority. Financial Services Register number 122129.

HBOS Investment Fund Managers Limited, registered in England number 941082. Registered office in the United Kingdom at Trinity Road, Halifax, West Yorkshire HX1 2RG. Authorised and regulated by the Financial Conduct Authority. Financial Services Register number 119223.

Scottish Widows Bank is a trading name of Lloyds Bank plc. Registered office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales, no. 2065. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under number 119278.

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