Mortgages

Offset Mortgage Frequently Asked Questions

Your questions answered

How is interest calculated?
Interest is calculated daily so any money in your Offset Savings Account linked to
your mortgage saves you interest.

What if I want to make a deposit/withdrawal to or from my Offset Savings
Account?
Automated Payments can be made to or from your Offset Savings Account in the
following ways:
• BACS and Standing Orders, quoting sort code 08-61-19 and your Offset Savings
Account number
• CHAPS and IMOs, quoting sort code 40-27-15, account number 12440040 and
your Offset Savings Current Account number
• Direct Debit quoting sort code 08-61-19 and your Offset Savings Account
number (please note Direct Debits can only be made from your Offset Savings
Account).
Further details are available from your local branch or call our customer helpline
on: 0113 225 7777.
Alternatively, receipts or withdrawals by cash or cheque can be made at your local
branch, subject to branch limits and production of adequate ID.

How will this affect my monthly mortgage payments?
If you have chosen gross payments, your monthly payments will not be affected.
If you have chosen net payments, your new monthly payment will be calculated
at the end of the month. If you would like the calculation to take immediate effect
please contact our Customer Services team on 0113 225 7615.

Can I switch between net and gross payments at any time?
Yes you can switch at any time, which is ideal in the run up to Christmas or when
saving for family holidays when you need that extra bit of cash. (For details of how
net and gross payments work, please refer to page 4 of this leaflet). Just contact
your local branch or call Customer Services on 0113 225 7615.

Can I have more than one Offset Savings Account offset against my
mortgage?
Yes, if you have a joint mortgage you can use up to three separate Leeds Building
Society Offset savings accounts to offset against your mortgage. This includes two
sole savings accounts in each of your names and one account in your joint names.
So you and a partner can make the most of all your savings.

Click to apply for an offset mortgage

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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

The products and services on this site are available to UK residents only. Applicants must be aged 18 or over and a full appraisal of your financial commitments will be made. Mortgages are subject to eligibility, status and financial standing. Mortgages that are for Buy to Let properties are regulated by the Consumer Credit Act 1974 and not by the Financial Services Authority.

The Society is covered by the Financial Ombudsman Service. We may monitor and/or record your telephone conversation with the Society to ensure consistent service levels (including staff training). The Society's main business is the provision of savings products, mortgages and general insurance.

Leeds Building Society is authorised and regulated by the Financial Services Authority and our registration number is 164992. You can check this on the FSA register by visiting the FSA website at www.fsa.gov.uk or by contacting the FSA on 0845 606 1234.