Offset contractor mortgages – can you benefit?
If you are a contractor with savings and earning a minimum of £350 a day, you could be taking advantage of today’s low rates by obtaining an offset contractor mortgage.
There are more contractor-friendly lenders in the UK market today than ever before who offer all types of mortgages for people working for themselves. An offset mortgage is possibly one of the least known but the advantages could be great for the right applicant.
In a nutshell, an offset mortgage allows you to use your savings to leverage record low rates of interest. The benefits of this include:
- owning your own property outright by reducing the mortgage term
- save hundreds/thousands of pounds in interest payments and tax benefits
- reduce the mortgage repayment amount
So, why aren’t more contractors taking advantage of this type of flexible mortgage?
Possibly because there are a few misconceptions about how they work. The key is to seek the expert advice of Deal Direct to find out which lender has the best offset mortgage solution for you.
We can explain exactly how your savings will be offset against the loan amount to reduce the interest you pay. We also explain how you retain access to your savings and how your mortgage term or monthly repayments can be reduced.
Find a contractor-friendly lender on 0800 048 8828.
