The value of an offset mortgage.
For home-owners with savings there is value in combining savings accounts with mortgage accounts. Over the mortgage term thousands of pounds can be saved and the time taken to pay off the home loan can be reduced.
With saving rates so low it makes sense to use your money in the best way possible, and that could be in reducing the amount you owe on your home. With an offset mortgage you gain flexibility, it’s not like you use up your savings and they’re gone. You retain access to your cash and can take or add to your balance as you wish. What an offset means is you can benefit for the period you have spare cash.
Not all lenders offer offset deals and therefore you will need to shop around. If you would like advice as to whether this type of mortgage product would suit your needs, call us at Deal Direct on 0800 048 8828. We can review your finances to see what offers are available and what the benefits would be.
Lenders in the market offering offset deals include:
- Yorkshire BS - a 2 year fix for up to 75% LTV at 2.89% with a £345 fee.
- Barclays - a lifetime offset tracker for up to 75% LTV at 2.49% with a £999 fee.
You don’t need a huge lump sum to benefit from an offset, regular savers benefit too. While most home-owners generally only consider a standard mortgage, there are some really competitive offset options on offer that could make reviewing all types of mortgage products worthwhile.
For independent and impartial mortgage advice as to what would be the best type of deal to suit your needs, speak to an adviser today.
Call Deal Direct on 0800 048 8828
