Woolwich, the mortgage arm of Barclays, describes its offset mortgages as 'a bit like juggling - only much easier'. With a Woolwich Openplan offset mortgage, borrowers can use 
the offset principle to quickly reduce their monthly mortgage payments or to repay their mortgages early and save thousands of pounds in interest.
Offsetting allows borrowers to balance their savings or current account balances against their mortgage loans, so they are only charged interest on the difference. The Woolwich's own case study suggests that someone with an £87,000 mortgage and £7,000 in savings could pay it off three and a half years early and save more than £15,000 in interest. Of course, this assumes that the borrower's savings remain at that level and that the interest rate remains the same.
The Woolwich Openplan offset mortgage is available at 80 per cent or up to 95 per cent of the value of a borrower's home. All Woolwich flexible mortgages are available as tracker mortgages only. There are two offset tracker mortgage deals, each with a variable rate pegged above the Barclays Bank Base Rate, which is currently equal to the Bank of England's base rate. The current annual percentage rate varies between 6.3 per cent and 6.8 per cent, depending on the offset mortgage deal.
Two of the Woolwich Openplan offset mortgage deals have application fees of £595, but have slightly lower initial interest rates. The other two have higher interest rates but no product fees. There are no early repayment charges with any of the Woolwich Openplan offset mortgage deals. The offset mortgage deals are available as interest-only or repayment mortgages and there is no higher lending charge. Mortgages must be repaid by the age of 65. However, borrowers who plan to take early retirement may have to repay even earlier.
All holders of a Woolwich Openplan flexible mortgage must also have an Openplan current account. Borrowers can also link a savings account to the offset mortgage to get maximum benefit from their savings.The Openplan savings account, only available to Openplan offset mortgage holders, allows savers to allocate their savings into different pots, for example for home improvements or a family occasion such as a wedding or graduation. Openplan mortgage holders can choose to allocate some or all of these pots to offset against their monthly mortgage 
payments.
As an add-on holders of the Woolwich Openplan flexible mortgage can have a secured overdraft facility based on the equity in their home. This allows them to borrow additional funds for home improvements or other purposes. Interest is charged at the offset mortgage rate and is charged to the offset mortgage account.
Woolwich Openplan Offset Mortgages are also available under the Barclays badge, with many of the same features. Openplan, launched in 2000, has evolved considerably over the years. Woolwich was a pioneer in the family offset mortgage field, an area which the mortgage provider has now left.
Good rates and high street availability
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Cheque book facilities and competitive products
