Best Offset Mortgage Rates Comparison

Considering an offset mortgage? We explain how to secure the best rates in the market in this comprehensive guide.

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Home Mortgage Interest Rates Best Offset Mortgage Rates Comparison
Pete Mugleston

Author: Pete Mugleston

Mortgage Advisor, MD

Updated: March 15, 2024

If you have large amounts of savings, an offset mortgage could be a good way of reducing the amount of interest you pay overall, and if you want to know what rate to expect, you’ve come to the right place.

Take a look at our rates table below to get an idea of the current offset mortgage deals available.

Lender Product Details
Frosted Rates Image

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.

Last updated May 2024

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 get the best rate on an offset mortgage

The best way to secure the most favourable rate is to speak to an expert, rather than rely on online rates tables, which are never whole-of-market, nor do they show deals tailored to you.

By our free-broker matching service, you can rest assured that you will be paired with the right offset mortgage specialist. The advantages of this approach are as follows…

  • Access to the entire market, rather than just the products listed on a rates table
  • Bespoke recommendations and exclusive offers
  • Help securing the best rate available and tailored advice throughout

Looking for a broker who specialises in offset mortgages? Get in touch and we’ll match you to one of the experts in our network today.

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What is a typical interest rate for an offset mortgage?

It’s true that offset mortgage rates are typically higher than rates on standard home loans. However, the difference isn’t huge. Expect to pay around the 5% mark, compared to 4.4% on a standard repayment mortgage (correct at the time of writing – April 2023).

Remember, these rates are only a rough guideline. As with all mortgages, the rate you pay will depend on your individual circumstances.

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Are the rates the same on interest-only offset mortgages?

Rates on interest-only offset mortgages tend to be higher than the rates available on repayment offset mortgages. This is because lenders view interest-only loans as higher risk.

What rate to expect if you’re remortgaging

One of the main reasons to remortgage is to secure a better rate, especially if your current deal is coming to an end and you’re going to be moved onto your lender’s standard variable rate, which will probably be more expensive. If you’re in this situation, it’s worth asking your existing lender if they can move you onto a more competitive offset mortgage deal.

You should also shop around to see if you can find a cheaper deal with another lender. Just watch out for early repayment charges if you’re tied into a deal as these can be huge.

Why use Online Mortgage Advisor?

Our mortgage broker-matching service can connect you with an expert who specialises in offset mortgages today, and this is the key to securing the best rates.

If you want to ensure you secure the most competitive offset mortgage deal available, you will need to speak to a whole-of-market broker who specialises in these niche products. They’ll have relationships with the right lenders and will be able to negotiate the best rate on your behalf. They may even have access to exclusive rates that aren’t available to the general public.

Give us a call on 0808 189 2301 or make an enquiry and get matched with a broker for a free initial conversation.

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Ask us a question and we'll get the best expert to help.

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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 Online Mortgage Advisor of course!

Read more about Pete

Pete Mugleston

Mortgage Advisor, MD

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