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Offset FAQ

Find out the answers to questions your client may have about offset.

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Which account is used for my offset savings? How do I transfer money to and from my Offset Saver Account? Will I earn interest on the savings in my Offset Saver Account? How does the Reduced Term offset benefit work? How does the Reduced Monthly Payment offset benefit work? What will my mortgage payment be each month if I choose Reduced Monthly Payment? When will my first mortgage payment be after completion? How much will my first payment be? And, if I've chosen Reduced Monthly Payment... How are mortgage interest and my monthly mortgage payment calculated? If the amount in my Offset Saver Account is the same as the outstanding balance of my... Will I earn interest on my offset savings if the balance is greater than... Do I need to transfer a lump sum to my Offset Saver Account to benefit from offsetting? What happens to my Offset Saver Account savings once my mortgage is paid off? If my mortgage is made up of more than one rate or repayment method... How many Offset Saver Accounts can I open? Can I access the savings in my Offset Saver Account? Can I still make mortgage overpayments if I choose offset? What are the tax advantages?
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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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