However, offset mortgages appear to be making a comeback, with some brokers reporting increasing demand. They link your savings to your home loan, so a savings balance is used to reduce – or offset – the interest you pay on your mortgage.

Can you still get an offset mortgage?

Can I still withdraw money from an offset account? You can still withdraw money from your savings account with an offset mortgage. However, if you take money out of your savings, it will no longer offset your mortgage, and your monthly payments will go up.

Are offset mortgages a good idea?

Offset mortgages tend to be of particular value for higher rate or additional rate taxpayers, as well as for people with large savings who don't rely on accrued interest to finance their day to day lives. The major advantage for high end taxpayers is that they do not have to pay tax on their savings interest.