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Mortgage Advice Center - Offset mortgages
Offsetting your mortgage can provide you with savings and can reduce the term of your mortgage.If you have a a large amount of savings, self employed or a higher rate tax payer an offset mortgage maybe the answer to obtaining the best mortgage deal for you. By linking your savings with your mortgage the interest that you pay is reduced. For example if you have a £200,000 mortgage and £30000 in savings you will pay interest on £170000. The benefits are that you can reduce the term of your mortgage. To do this you only have to have 2% of your mortgage in savings. The savings that you have are still accessible and some lenders let you link to Isa's and current accounts.
Contact the Mortgage Advice Center to talk to our expert advisors to find the most competitive offset mortgage deals. They will give you invaluable advice and reccommendations.
Think Carefully when securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.