Offset Mortgages

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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We were getting a little fed up of the local estate agents trying to use their mortgage broker, so we used google, filled out the form, spoke to a guy and had a mortgage which beat quotes from our own bank, with the same bank.

Robbie and Chloe, Belper, UK

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We sent an enquiry about a mortgage and within a few hours a Mortgage Adviser called and went through out details. We received Mortgage Offer in Principal which we sent to the Estate Agents and within a couple of months we were in. The service received is second to none.

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Your home may be repossessed if you do not keep up repayments on a mortgage or other loans secured on it. Think carefully before securing other debts against your homes.