Could an offset remortgage help you become mortgage free?
With an offset remortgage you can make the most of your savings and use them to help you become mortgage free quicker.
An offset allows you to make the most of spare cash and save on the interest you pay on your mortgage.
By choosing an offset when you remortgage you could save thousands on your home, you could reduce the term which could allow you to become mortgage free at an earlier date.
Savings rates are low, but by offsetting your savings against your mortgage interest, spare cash can be of more benefit long term. There is no need to worry about your cash being tied up long term as you can still have access to your savings at any time.
With an offset remortgage you only pay mortgage interest on the difference between the balance owed and your savings. You cannot be paid interest on the savings, however you will pay less interest on your loan.
In effect with an offset remortgage the rate you get on your savings is equivalent to the rate you have agreed on your home loan.
If you would like to compare offset products throughout the market to see the benefits, an adviser at Deal Direct can help. We are an independent 'whole of market' broker, and our advisers are dedicated to finding our clients the very best mortgage deals.
For impartial advice call 0800 048 8828, or click below to make an online mortgage search.
