Making your savings work for you

As people are recovering from Christmas spending, Britannia is helping people to save by knocking thousands of pounds off their mortgage.

An offset mortgage links your savings with your mortgage. Rather than paying interest on savings, people can offset savings against their mortgage, potentially saving thousands of pounds in interest over the life of the mortgage.

Tim Franklin, Britannia's Managing Director of Member Business explained, "With Britannia's offset mortgage, borrowers pay the same each month regardless of changes to their savings balance, so in effect they're overpaying each month. This is a great way of reducing their mortgage term without even realising it."

The offset mortgage tracks the Bank of England base rate plus 0.60per cent. Borrowers have instant access to their cash and can add to or withdraw their money at any time.

Tim added, "When taking a mortgage, it is important that borrowers select the product which is best for them. The offset mortgage offers flexibility and allows borrowers to use their savings to their advantage."