Santander reduces its flexi offset mortgage rate by 0.5%.
Santander for Intermediaries has announced its flexi offset mortgage rate has been cut to 3.09%.
The deal tracks the BoE base rate plus 2.59%, and it allows mortgage-holders to use their savings balance to offset their mortgage. Fees on this mortgage have been set at just £495.
Why choose an offset?
By offsetting your savings against your mortgage you could repay your loan in a far shorter time. Currently saving rates are low and so it makes more sense to take out an offset to get a better return on your spare cash.
With savings rates currently set significantly lower than offset mortgage rates, choosing an offset deal is of great benefit.
How does an offset work?
With this type of mortgage the value of any savings linked to your mortgage and monthly mortgage interest is only calculated once the deduction has been made. By calculating the monthly repayment due after savings have been taken into account, an offset mortgage makes your mortgage payments lower.
If you would like advice as to whether an offset mortgage would best suit your circumstances, call impartial adviser at independent 'whole of market' Deal Direct on 0800 048 8828.
Why choose Deal Direct to find you a mortgage?
- We are independent which means we are not limited to just a few UK lenders, this means our advice isn't limited either.
- We only recommend mortgage products that are in your best interest.
- We will search the entire market on your behalf, to find you the very best mortgage on offer to suit your financial circumstances and deposit level.
Call today for advice and a low rate mortgage quote.
0800 048 8828.
