Woolwich Mortgage

The Woolwich in addition to offering you a complete range of mortgages , also provides a unique Personal Banking solution called Open Plan.

Woolwich Open Plan includes the Offset Mortgage, which allows you to offset your savings against your mortgage. This not only helps you to pay off your mortgage sooner, it could also save you thousands of pounds in interest. What’s more, all Open Plan mortgages give you easy access to the money tied up in your home.

By linking your mortgage with your Current Account and Savings Pots, Open Plan Offset can save you money. The combined balance in your Savings Pots, and any credit balance in your Woolwich Current Account, are totalled daily.For example:

Woolwich Current Account balance £1000
'Kids' Savings Pots £1000
'Wedding' Savings Pot £2000
TOTAL £4000

This is ‘Offset’ against the balance on your mortgage before the interest is calculated.

Mortgage £70000
Total Current and savings balance £4000
You pay interest on ...£66000

Woolwich Mortgages ....

You only pay interest on the amount remaining. The more money you have in your Woolwich Current Account and Savings Pots, the less interest you pay on your mortgage. Because you pay interest on a lower amount, more of your monthly repayment goes towards paying off your mortgage. With no limit to how much you can have in your Open Plan Savings Pots, there is every opportunity to pay off your mortgage years earlier.

Interest is not paid on your Current or Savings Account whilst they are linked to your mortgage. Debit Current Account balances are not offset against your mortgage.

In addition, the new Offset Together option allows you to link your Offset Mortgage to the Open Plan savings accounts of family members and friends.

To find out more about Woolwich Mortgages, simply complete the Woolwich Mortgage Quote to receive details of the best Woolwich mortgage to suit your individual circumstances. Alternatively call 0800 801079 to speak to a mortgage advisor.

 

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