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Average Rates on UK Offset Mortgages

The independent assessment of the UK offset mortgage market and the average mortgage rates you might expect to pay on a new application made today.

Almas Uddin
Almas Uddin

Founder and Mortgage Advisor

Almas Uddin2024-07-17
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Average Rates on UK Offset Mortgages

Finding the cheapest deal on a mortgage can feel very difficult - with lots of products, lenders, different rates and calculation bases.

Here the Revolution team has compiled a guide to help you understand what sort of costs you can expect from an offset mortgage, and what criteria dictate those costs.

Offset mortgages are a great way of using savings to mitigate your mortgage lending, and cut back on your interest costs - but the rates are all important in ensuring this is the most cost-effective type of home loan.

For more information or comparable rates from the top UK offset mortgage lenders contact Revolution Brokers on 0330 304 3040, or email the team at [email protected].

What Factors Determine My Interest Rates on an Offset Mortgage?

Rates are not static and are different for every customer. This depends on how risky the lender perceives the applicant; based on criteria such as your credit rating, deposit value, and how you score on the affordability assessment.

The lowest interest rates tend to be for applicants with a large deposit and a clean credit rating. However, an independent broker can also help negotiate a competitive deal with only a small deposit.

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about your mortgage

Based on your yearly income,
you may be able to borrow

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Most lenders will let you borrow 4.5 times your annual salary so, as long as you have a standard 10% deposit, you should be able to borrow this much.

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Depending on your personal circumstances, some lenders may let you borrow 5 times your salary.

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Lenders usually cap the amount they lend at 5.5 times your salary, so it’s unlikely you’ll be able to borrow more than this.

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What are the Average Rates on UK Offset Mortgage?

There isn't a typical rate, since these vary significantly between lenders and applicants. You can look at published rates from every lender offering an offset mortgage, but these cannot always be compared, and it would take many hours!

You'll also find offset mortgages only available through an accredited broker from a specialist lender - and so the only way to guarantee you get the lowest interest rates is to work with an independent broker who can do the legwork for you.

Can I Get an Offset Mortgage with Bad Credit?

In some cases you can get an offset mortgage with an adverse credit history - but any type of mortgage is more complex to apply for and may incur higher interest rates if you have a bad credit rating.

It is by no means impossible to get an offset mortgage. In most cases, the best deals with an adverse credit history are from a bad credit specialist lender, with terms and rates negotiated on your behalf by an experienced broker.

What Criteria are Most Important in Getting Low Rates on an Offset Mortgage?

Each lender will have different policies, but the below are the essential factors in negotiating a competitive interest rate on an offset mortgage:

  • Your age - some lenders cap offset mortgages at 75, or 85 - whereas others have no limit.
  • The property - any homes considered non-standard can be treated as a riskier proposition by a lender.
  • Your income and affordability - the more you earn, and the more stable your payment, the lower the lender's risk.
  • Your position as a homeowner - an existing homeowner with a good credit history is a much lower risk than a first-time buyer.

Support with Negotiating Interest Rates on UK Offset Mortgages

If you're not sure if you have been quoted a competitive rate or need professional advice with finding the lowest rates currently available on the UK market, contact mortgage advisors.

As an independent, whole-of-market broker, we can recommend any product from any lender that we think meets your borrowing requirements and offers a good deal.

Almas Uddin
Almas Uddin

Founder and Mortgage Advisor

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FCA disclaimer

The content included in our articles, blogs, web pages and news publications is based on information accurate at the time of writing. Note that policies and criteria can change regularly throughout the UK mortgage lending market, and it remains essential to contact the consultation team to receive up to date guidance. The information included on the Revolution Brokers site is not bespoke to any circumstances or individual application scenarios and therefore is not intended to be used as financial advice. The content we share is designed to be informative and helpful but cannot be relied upon to provide individual advice relevant to your mortgage requirements. All Revolution team members are fully qualified, trained and experienced to provide mortgage advice of an independent nature.

We collaborate with lenders and providers who are regulated, authorised and registered with the Financial Conduct Authority (FCA). Should you require specific mortgage borrowing types, some products such as buy to let mortgages may not be FCA regulated. The Revolution team can provide further information about regulated and unregulated lending as required. Please remember that a mortgage is a debt which is secured against your home or property. Your home can be at risk of repossession if you do not keep up with the repayments or encounter any other difficulties in managing your mortgage borrowing responsibly. This also applies to any remortgage or home loan secured against your property, including equity release products.

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