Choose an offset remortgage to become mortgage free.
An offset remortgage could make more of your savings and help you to become mortgage free quicker.
With an offset remortgage deal you can make the most of cash and save interest on your mortgage on a monthly basis.
If you remortgage and choose an offset you could potentially save thousands of pounds over your mortgage, reducing the term to allow you to become mortgage free at an earlier date.
Savings rates are currently poor and using your savings against your mortgage interest maybe of more benefit long term. With an offset you should still have access to your savings at any time.
With an offset remortgage you are only required to pay the interest on the difference between your mortgage balance and your savings. You will not be paid interest on the savings, but you will pay less interest on your home loan.
In effect you get a rate for your savings equivalent to the rate you have agreed for your mortgage. Such mortgage products are particularly beneficial for higher rate tax payers.
Some lenders offer an offset option to deals across their range which are normally charged at a fractionally higher rate.
If you would like to compare offset remortgage deals to see what benefit you can gain contact Deal Direct.
Call an adviser today to compare the best deals on offer.
