You'll continue to have access to your savings, bear in mind that if you spend them, you'll have less to offset and interest payments will rise. You can work this out using an offset mortgage calculator. Halifax. For more information, download the PDF below or visit www.fscs.org.uk, Copyright © National Westminster Bank plc 2021, The Mortgage Guarantee Scheme (95% mortgages), Helping you pay off your mortgage earlier if you have savings, Minimum deposit: 20% for capital and interest repayment option, We support you through different life events, Buying for the first time, moving or remortgaging? Offset mortgage vs savings. The compensation limits for mortgage advice and arranging (after 31 October 2004) are maximum £50,000, i.e. If you keep the same monthly repayments based on the full amount of your mortgage, the balance will reduce faster - in other words, you could pay your mortgage off earlier. To log in you will need your mortgage account number. Lots of smaller lenders and building societies offer this type of mortgage too. This calculator will assume all your income goes into one central account, the same account as your mortgage. 100% of the first £50,000 per person. You can use both tools to help if you're house-hunting or looking to remortgage. Just enter your loan amount, interest rate, starting balance and the net monthly deposit or mortgage repayment you plan to make to your redraw offset facility, to find out how much you can save. The mortgage rate is the amount of interest you’ll owe on top of your total loan. For further details of any charges you may incur, please refer to our Terms & Conditions and your mortgage Offer Letter. If you would prefer to chat to someone about your overpayment options, please contact us on: 0345 30 20 190, Relay UK - 18001 0345 30 20 190. For extra security, we will ask you for a one-time passcode to make sure it’s you logging into Manage my Mortgage. If the number we have for you isn't correct and you’re registered with Online Banking, you can update your number online . At end of initial period mortgage reverts to Standard Variable Rate (currently 3.59%, costing £793.39 p/m) for 276 months. An example with a savings balance of £5,000. To tailor the results to your own circumstances, move the sliders below. How do I get a NatWest Mortgage? A mortgage of £116,816 payable on a variable rate of 4.25% for a mortgage term of 15 years would require 180 monthly payments of £878.78. A detailed review of NatWest, one of the UK's best-known mortgage lenders. Compare offset mortgages to see how much they could save you. Please call us for more information. If you wish to repay more than this, a charge will be incurred. These payments will reduce the balance of your mortgage, which could help you to pay less each month. To illustrate savings, we have made the following assumptions: The calculator is for illustrative purposes only. For example, if you had a £100,000 mortgage, savings of £9,000 and a current account balance of £1,000, you can offset £10,000 and only pay interest on the £90,000. For more information please refer to your most recent mortgage offer or contact us on the number at the bottom of this page. With an offset mortgage, you can link your NatWest savings and current account balances to your mortgage and only pay interest on the difference between those accounts and your mortgage balance. This overpayment calculator does not include all of the information that you need to select or compare mortgages. The results from the calculator are just examples to help you plan your budget. Use our handy calculators to compare what your monthly payments will be for an interest only mortgage and for repayment mortgage options. Natwest offer a full range of mortgage products from fixed rate to offset mortgages. If you make a lump sum overpayment, we may recalculate your contractual monthly payment to reflect the lower balance. You can either fill the calculator out manually, or for a more personalised (and potentially more accurate) result, you can log in, and we'll automatically complete the information for you. NatWest mortgages are available for over 18s Customer looking to switch from another lender to NatWest to repay their current outstanding mortgage (no additional borrowing) If you keep the same monthly repayments based on the full amount of your mortgage, the balance will reduce faster - in other words, you could pay your mortgage off earlier. An offset mortgage allows you to link your savings account and current account balances to your mortgage and only pay interest on the difference between those accounts and your mortgage balance. It does not provide a precise calculation of the time or interest you could save, but is intended to give you information and guidance about the potential savings. Whilst offsetting, you don't earn any actual interest on the accounts you link to your mortgage. Offset calculator Get a better understanding of the potential savings that could be made by offsetting your savings against your mortgage. Calls may be recorded. What this means is that the effective rate earned on your savings is equal to the mortgage rate - currently 4.25%. A mortgage of £131,748 payable over 25 years, initially on a fixed rate for 5 years at 2.01% and then our variable rate of 3.59% for the remaining 20 years would require 60 monthly payments of £559.06 and 240 monthly payments of £645.44. This overpayment calculator does not include all of the information that you need to select or compare mortgages. Work out how much interest you can save on your loan. If you are not on our Standard Variable Rate (which has no restrictions on the amount you can overpay), there may be a maximum amount you can overpay each year without incurring an Early Repayment Charge. The figure is rounded up or down accordingly for display purposes, If you are using the calculator without logging in then the results are based on the information you have provided, Please note if you would like to change the term of your mortgage, a term amendment application form must be completed and an admin fee of £35 must be paid. With an Offset Mortgage we’ll take your savings into account when working out your interest. Alert: For Remortgage applications our LTV parameters are as follows: Like for Like Remortgage - Up to 90% LTV; Remortgage with Additional Borrowing - Up to 80% LTV . Telephone. However, you must still continue to make your normal mortgage payment in full each month. Your home may be repossessed if you do not keep up repayments on your mortgage. When you apply for a mortgage, lenders calculate how much they’ll lend based on both your income and your outgoings – so the more you’re committed to … Paying a lump sum is a way to lower your monthly payments. If you would like to view a graph with details of your overpayment illustration then please turn java scripts on or download the latest browser. NatWest mortgage rates differ depending on what type of mortgage you decide to take out. History of interest only mortgages Interest only mortgages were popular during the 1990s as they were seen as an easy way to get into the property market. Calculators Use our affordability calculators to see how much your client can borrow Mortgage Calculators Our handy mortgage calculator tools give you an accurate indication of the type of mortgage you could get based on your personal details and current circumstances, helping you to make smart financial choices. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. How much can I borrow? Your home or property may be repossessed if you do not keep up repayments on your mortgage. Please note the calculator does not factor in any charges for early repayments of the total mortgage balance and is based on a capital repayment mortgage. Pay It Off Earlier - Either Lump sum or Extra monthly payment is required, Reduce Your Monthly Payment - Lump sum payment is required. Our simple calculator will show you whether you could repay your mortgage faster, or reduce the amount you pay each month, by making either regular monthly overpayments or a larger lump sum overpayment. Please request a Mortgage Illustration before you choose a mortgage. CREATE YOUR OWN CUSTOM OFFSET MORTGAGE PLAN The total amount payable would be £158,948.40 made up of the loan amount £116,816 plus interest of £42,132.40. You can use an offset mortgage calculator to see what your potential monthly mortgage repayments could be. For example, if you had a £100,000 mortgage, savings of £9,000 and a current account balance of £1,000, you can offset £10,000 and only pay interest on the £90,000. Your home or property may be repossessed if you do not keep up repayments on your mortgage. We offer a facility to enable you to assist existing NatWest mortgage customers to switch to a new NatWest mortgage rate when their current deal comes to an end. If the best offset mortgage rates are high, it may be better to use your savings to overpay a standard repayment mortgage instead. Copyright © National Westminster Bank plc 2021, This is an additional payment made on top of your usual monthly payment. Offset mortgage FAQs If you're comfortable with the different types of overpayments and what they mean you can use the calculator below - it will demonstrate how much money you could save. Compare the best NatWest mortgage deals. NatWest student bank account NatWest’s student account offers a tastecard, Amazon Prime membership or a National Express Coachcard, plus an interest-free overdraft of up to £2,000. NatWest mortgages are available to over 18s. Link your savings and current account balances to your mortgage, You could save thousands in mortgage interest as your savings balance reduces your mortgage payments. We could help, We’re here to support you through all your life journeys. Which means the Scheme can pay compensation to you if you’re eligible and we’re unable to pay claims against us. Go to the “My payments and services” menu, The Mortgage Overpayment Calculator will be pre-populated with your details, To calculate your savings, additional information is required. Log in and we will pre-populate your information in the overpayment calculator. This overpayment is flexible and you can choose to make it, or not make it, at any time you want. We calculate this based on a simple income multiple, but, in reality, it’s much more complex. All you need to is enter some information about your mortgage, your income and any regular costs and outgoings from this account. Please request a Mortgage Illustration before you choose a mortgage. If you are a new mortgage customer you can apply for the Natwest offset mortgage using the telephone. Mortgage guide. The overall cost for comparison is 4.4% APRC representative. Once logged in follow these steps: With the introduction of One-Time Passcode, it’s important that your personal details are up to date, as we’ll send a one-time passcode to your registered mobile number. We’re a member of the Financial Services Compensation Scheme (FSCS). Natwest Offset Mortgage Rates Applying for a home equity loan is similar but easier than applying for a new mortgage. Use our offset mortgage calculator to see how your savings could reduce your mortgage term or monthly payments. You can use the NatWest Mortgage Calculator & Rate Finder to find out what the different rates and payments might be on some of their mortgage options. Please note that passing any affordability calculation is not a full agreement to lend. This will save you from waiting on-hold, removes any call charges and makes banking with us a little bit easier. Free Callback Service | NatWest Mortgages. If you would like to pay off your mortgage sooner than planned, please contact us on 0345 30 20 190, Relay UK -  18001 0345 30 20 190. Offset Mortgage calculator . A product fee of £499, a valuation fee of £248 and a CHAPS fee of £30 are also payable. Instead of a standard savings account, you could place your savings in an offset account linked to your mortgage. Our Commercial Mortgage product can be used to purchase new commercial premises for businesses to trade from, or to remortgage an existing loan that’s secured against an existing property, to … If we have your mobile number, you’ll get a text with a one time passcode. How long will ittake before the overpayment is applied? Say you have a mortgage of £100k and £20k in savings. Your savings are used to reduce (or "offset") your mortgage balance. This means that as a NatWest offset mortgage … This calculator will assume all your income goes into one central account, the same account as your mortgage. All mortgage guides, calculators and deals. ... Natwest. Sorry we are unable to calculate your savings. Use your savings every month to become mortgage free; See how much earlier you could pay off your mortgage Some people are able to save thousands of pounds over 25 years You can use our online chat to update your mobile number if you need to, or you can log in to Online Banking to do so, if you have your card reader to hand. How will we apply overpayments to sub account? The amount you currently pay is based on either your previous monthly payment or the information you have entered, Monthly overpayments are made and remain constant throughout the mortgage term, The interest rate will remain the same for the term of the mortgage, Months are of 12 equal lengths so the monthly interest will not differ, Repayment amounts are rounded up or down accordingly to the nearest £1 for display purposes, The potential reduction in time to repay your mortgage is presented as years/months. A monthly overpayment will reduce the amount you owe us, which could help you to pay less each month, These are additional payments that you can make at any time and are not linked to your monthly payment. Please note the calculator does not factor in any charges for early repayments of the total mortgage balance and is based on a capital repayment mortgage. To do this, either pay a lump sum and/or increase your monthly payments. If we do reduce your monthly payments, the term of your mortgage will stay the same and you will pay off your mortgage in the same amount of time. Including latest deals, rates, application times, complaints record, and more. Calls may be recorded. For example, if you had a £100,000 mortgage, savings of £9,000 and a current account balance of £1,000 - you would only pay interest on the £90,000. Offset mortgage calculator. Open Monday to Friday 8am - 8pm, Saturday 9am - 4pm (excluding public holidays). Fewer lenders offer offset mortgage deals, so you may have little choice. Our mortgage calculator and Agreement in Principle both give you an indication of how much you may be able to borrow towards the purchase of a property, monthly repayments and potential interest rates. To use the mortgage calculator, just head to the top of the page and plug in some basic information, including how much you need to borrow and how long for. NatWest Mortgage Calculator - Call FREE 0800 096 7889 - Compare Mortgage Rates - Calculate Fixed & Variable Deals - FREE Mortgage Calculator - Latest UK Lender … With an offset mortgage, you can link your NatWest savings and current account balances to your mortgage and only pay interest on the difference between those accounts and your mortgage balance. Natwest Variable Rate Products There are many products that are based upon the Natwest standard variable rate (svr) whether they be completely at the standard variable rate or a percentage above this for example as a variable tracker rate. The calculator will then show you the best deals we have found from across the industry that match your borrowing requirements. Offset mortgage calculator. If you are on a fixed or tracker rate product, you can pay up to 10% of your outstanding balance each year without incurring an Early Repayment Charge. NatWest Interest Only Mortgages – Use our FREE Calculator – Call FREE 0800 096 7889 - Compare Interest Only Mortgage Rates From NatWest & Other Interest Only Lenders – Part and part mortgage rates – Borrow From £50,000 Use this Offset Mortgage Calculator to see the effects of using your savings and regular income as an offset to the amount of interest charged by your lender on your mortgage. You can find further information on making overpayments below the calculator. You can find more information on the Natwest offset mortgage here. If you are on a Standard Variable Rate of interest, there is no limit to the amount you can overpay and you will not incur a charge for making any overpayment. How to apply for the Natwest offset mortgage. Quick help to remortgage Fixed rate. An offset mortgage is where you have savings and a mortgage with the same lender and your cash savings are used to reduce – or 'offset' – the amount of mortgage interest you're charged. You’ll only pay interest on the difference – which in this case is £80k. By getting an AIP ( Agreement In Principle ) you can see how much you could borrow and the repayments on your mortgage. An offset mortgage calculator can show you how much money you can save. Balances held in linked accounts will reduce the amount of interest payable. Let us call you Enter your contact details below and select when you’d like us to call you. A Commercial Mortgage is a loan that’s secured against a commercial property. Lines are open Monday to Friday 8am - 8pm, Saturday 9am - 4pm (excluding public holidays). You can use the offset mortgage calculator to: See how much sooner you can pay off your loan. An Offset Mortgage can help achieve this. Repayment mortgage of £160,000 with 300 monthly repayments. Offset mortgages: NatWest offset mortgages allow borrowers to link their mortgage to their NatWest savings account. NatWest mortgages are available to over 18s. Savings could reduce your mortgage £793.39 p/m ) for 276 months this using! Effective rate earned on your mortgage overpayment, we will pre-populate your information in the overpayment calculator does not all... Compare mortgages to lend you can save lower your monthly payments smaller lenders and societies... 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