Offset Mortgages

Chelsea Building Society do not currently have any mortgage products available for new customers. New customers should visit our sister company, Yorkshire Building Society.
Products for existing customers are still available.

Is an Offset mortgage right for me?

If you have savings, you can make the most of them by simply linking them to your mortgage.
Rather than earning interest on your savings you reduce the amount of interest you pay on your mortgage.
This means you can reduce the length of time it takes to repay your mortgage or you could lower your monthly payments now or in the future.
You will still have the flexibility to access your savings to deposit more or make withdrawals but doing so will change how much you could save on mortgage payments or the time it takes to repay your loan.
You have the option to either fix the interest rate on your offset mortgage for a set time or for your interest rate to track the Bank of England Base Rate for a specified period of time.

Protecting your money: Deposits in the savings element of your Offset mortgage are covered by the Financial Services Compensation Scheme (FSCS), up to a total of £85,000 of the total deposits held with the following: Yorkshire Building Society, Barnsley Building Society, Chelsea Building Society, Norwich & Peterborough Building Society and Egg. Please refer to the FSCS information sheet or here for more information.

If Chelsea Building Society (CBS) becomes insolvent, funds held in CBS Offset savings accounts won’t be used to set-off (reduce) the mortgage balance owed. You'll still be covered by the FSCS, up to £85,000 which will be fully repayable to you. If you have more than £85,000 in your Offset savings account you could still be due some of these funds, but you’ll need to make a claim as part of any insolvency proceedings.

Early Repayment Charges apply during the fixed/tracker rate period. Other fees and charges apply.