Offset Mortgages Explained...
Offset Mortgages aren’t as popular as they used to be and are given out by a handful of mortgage lenders. Offset mortgages are linked to a savings account, current account and/or a mortgage account.
The amount you have in a savings account is deducted off the mortgage balance and you pay the interest on the difference between the two.
This helps cut down on the amount of interest you pay, however the mortgage rate is generally higher for offset mortgages than repayment mortgages, so unless you’ve got a healthy sum in the bank, it may not be the product for you.
When you do use an offset mortgage, you will not be paid any interest on your savings but on the plus side, you won’t pay any tax either, so makes it ideal for higher rate taxpayers.
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