Your home may be repossessed if you do not keep up repayments on your mortgage.

Choose Chelsea Offset

If you’re looking for a smart way to make the most of your savings, whilst reducing the burden of your mortgage, choose Chelsea Offset. Unlike other Offset accounts ours is very straight-forward. There's no need to take out a credit card or pay in your salary, it's just a simple link between your savings and your mortgage. It's the smart choice for savers with a mortgage.

Making the most of Offset

With your Offset mortgage and Offset savings balances linked together, you only pay interest on the difference between the two. You can then choose to:

  • Pay off your mortgage quicker
  • Reduce your current mortgage payments
  • Reduce mortgage payments for future years.

However you choose to manage your Offset Account you will need to select one of the available monthly payment options. Please note, product fees and early repayment charges will apply.

Mortgage of:
Savings of:
Interest charged on:
£200,000
£25,000
£175,000

Offset Calculator

A clearer way to understand
the potential savings of Offset.

Borrowing Calculator

A quick estimate of how
much you could borrow.

By linking your savings to your mortgage, mortgage interest is only calculated after the savings balance has been taken into consideration. Because interest is only charged on the difference between the two amounts, your savings benefit from an equivalent savings rate which is usually higher than you would earn from a typical savings account.

Key Benefits

  • A tax-efficient way of using your savings. We display the equivalent savings rates for each of our Offset mortgage products
  • Manage your Offset savings online at your convenience
  • Link up to 3 Offset savings accounts to your mortgage
  • Link the savings of family and friends to your mortgage, using our Offset Plus feature
  • Instant access to your savings via an ATM card
  • Choose to overpay so you can take a break from your payments when it suits you - (subject to agreement)
  • Get help and advice from our experts in branch

Offset Mortgage Finder

Search and compare products
from our range of Offset mortgages.

Why Chelsea?

Choosing the right mortgage provider
can be difficult. Let us make it easy.

How Offset makes the most of your savings

Instead of earning interest on your savings, they are used to help you pay less interest on your mortgage. Because mortgage interest rates are generally higher than you'd get from a typical savings account, your savings will benefit you more. The equivalent savings rates you benefit from are what you pay in mortgage interest, with the added advantage of tax efficiency - you don't pay any tax on your savings because you don't earn interest on them.

Here's an example:

  • On a 4.00% 2 year fixed rate Offset mortgage* a basic rate tax payer would need to earn 5.00% AER from a savings account to achieve the same benefit
  • Higher rate tax payers would need to earn 6.67% AER
  • And for additional rate tax payers this would be 7.27% AER.

A helping hand for first time buyers!

Another great feature of our Offset mortgages is Offset Plus.

This gives family members or friends who want to help you out the option to Offset their savings against your mortgage whilst retaining control of their money. This is ideal for first time buyers who need an extra helping hand with their mortgage to start with.

Offset Plus is a great feature available on all our Offset accounts. It allows borrowers to increase the scope of linking savings to their mortgage.

Find out more about Offset Plus:

Please note

The example used on this page assumes that basic rate taxpayers pay 20% tax, higher rate taxpayers pay 40% tax and additional rate taxpayers pay 45% tax on savings interest and are based on current HM Revenue & Customs rules which are subject to change.

* Product used for illustrative purposes only and may not be available at time of application.

AER stands for Annual Equivalent Rate and shows you what the interest rate would be if interest was paid and added each year. This will enable you to compare more easily the return you can expect from your savings over time.

Chelsea Building Society and the Chelsea are trading names of Yorkshire Building Society. Yorkshire Building Society is a member of the Building Societies Association and is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Yorkshire Building Society is entered in the Financial Services Register and its registration number is 106085. Principal Office: Yorkshire House, Yorkshire Drive, Bradford BD5 8LJ.

References to 'YBS Group' or 'Yorkshire Group' refer to Yorkshire Building Society, the trading names under which it operates (Barnsley Building Society, the Barnsley, Chelsea Building Society, the Chelsea, Norwich & Peterborough Building Society, N&P and Egg) and its subsidiary companies.

Buy to Let mortgages are not regulated by the Financial Conduct Authority.

This site is intended for UK Residents unless otherwise stated. All communications with us may be monitored/recorded to improve the quality of our service and for your protection and security.

*Calls to 0800 numbers are free of charge from a landline or mobile. Calls to 03 numbers are charged at the same standard network rate as 01 or 02 landline numbers, even when calling from a mobile.

Chelsea Building Society and the Chelsea are trading names of Yorkshire Building Society. Yorkshire Building Society is a member of the Building Societies Association and is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Yorkshire Building Society is entered in theFinancial Services Register and its registration number is 106085. Principal Office: Yorkshire House, Yorkshire Drive, Bradford BD5 8LJ.

References to 'YBS Group' or 'Yorkshire Group' refer to Yorkshire Building Society, the trading names under which it operates (Barnsley Building Society, the Barnsley, Chelsea Building Society, the Chelsea, Norwich & Peterborough Building Society, N&P and Egg) and its subsidiary companies.

Buy to Let mortgages are not regulated by the Financial Conduct Authority

This site is intended for UK Residents unless otherwise stated. All communications with us may be monitored/recorded to improve the quality of our service and for your protection and security.

*Calls to 0800 numbers are free of charge from a landline or mobile. Calls to 03 numbers are charged at the same standard network rate as 01 or 02 landline numbers, even when calling from a mobile.

Get in touch with us:

  • Call us:
    http://www.thechelsea.co.uk/contact/index.html
  • Find a branch:
    http://www.thechelsea.co.uk/contact/branch_finder.html
  • Manage your accounts online:
    http://www.thechelsea.co.uk/security/online_help.html