Making your savings work hard with an offset mortgage.
According to recently published research, less than 7% of people benefit from their savings with an offset mortgage.
One of the main benefits to offsetting is that you save interest on your mortgage, but still have access to your savings if you need them.
Effectively you save interest with an offset mortgage, rather than being paid interest on your savings and when savings rates are poor this makes sense.
Another advantage is that you do not pay tax on your savings which is beneficial for higher rate tax payers.
It is sometimes assumed that offset mortgage products are complicated and only for the very well off, but anyone with savings can benefit.
Offsetting to save money on your mortgage.
The amount you can save by offsetting varies with the size of your mortgage, your interest rate and the amount of savings you have.
For example, if you have a mortgage of £100,000 and savings of £5,000, you only pay interest on £95,000 which would save you money.
Call Deal Direct for advice and a competitive mortgage quote to suit your circumstances.
For advice and a quote contact Deal Direct on 0800 048 8828.
