Accord Mortgages Products with Offset

A selection of our Prime products offer a straightforward offset facility with up to 3 savings accounts linked to your client's mortgage. The savings are then offset against the mortgage so that your client doesn't earn savings interest, but instead benefits from having reduced mortgage interest.

For example:

Mortgage balance: £200,000
Savings balance £15,000
Interest paid on £185,000 (£200,000 - £15,000)

Designed to be simple

We don't ask your client to open a current account or take out a credit card.
We don't insist that salary credits are paid into the account.
We don't ask for a large minimum deposit to be paid into the savings account..

Reduced term or smaller payments

Choose whether to benefit from a shorter term, potentially saving thousands in interest, or reduced mortgage payments. Your client can swap between these two options as often as they wish.

Shorter term (the gross payment option)

Your client pays the same amount that would have been paid if the savings were not being used to reduce the mortgage interest.
Your client is effectively overpaying and could potentially save thousands in mortgage interest.
If your client has a repayment mortgage they could reduce their mortgage term. (To take advantage of this, your client should contact our Customer Queries Line after completion to ensure this happens.)

Reduced payments (the net payment option)

As your client's monthly interest is reduced by their savings, they can choose to pay only this reduced amount.
Monthly payments are less than they would have been without the benefit of the offset savings.
This won't however reduce the mortgage term.

Features of the savings account

Postal savings account:
- Credits can be sent by cheque or direct to the account via BACs from your client's account
- Debits must be requested by posting a signed withdrawal slip and can be sent to your client by cheque, or direct to a nominated bank account.
No interest is earned on savings, but interest is only charged on the difference between the offset mortgage balance and the offset savings balance.
Up to three savings accounts can be linked to the offset mortgage.
Maximum balance allowed is 100% of the offset mortgage balance.
The loan can be taken on 2 or more products. However, where an offset mortgage is taken, all parts must be offset products