Does anyone know how to do the maths to understand if these are a good deal?

 

Got mine with YBS, very pleased with it. Say I owe £60k and have £20k savings in the offset, I only pay interest on the £40k balance in the long run.

I still actually pay the same monthly amount (interest on the £60k + a bit towards paying it off) but at the end of the year they sum amount I owe and the interest I owe them then subtract the payments I've made and the value of interest on the offset amount. Thus leaving a lower balance owed :up:

Hope that makes sense. Basically if you have savings you don't want to commit to paying off your mortgage, and cannot get a better rate of interest on your savings than you pay on your mortgage (as is likely), offsetting your savings is a good deal

 

Answered my own question

http://forums.moneysavingexpert.com/...ffset+mortgage