These exciting and nifty mortgage products allow greater flexibility and potential savings over more standard rate and terms options. Alongside your mortgage a savings account is set up where funds can be kept to “offset” the interest that would otherwise be charged to your mortgage loan.
This clever idea allows you the option to clear your debt faster or reduce your monthly payments using cash available without tying it up in your property. Alternatively it allows for quicker withdrawal of funds if you have the need for them, say if you are self employed or have an unexpected expense, as it is after all your savings, and you would merely pay more for the debt that is owed the following month with less savings stored away to offset the interest.
Not all lenders offer offset products, so contact us to find out more.
Important information
Your home may be repossessed if you do not keep up repayments on your mortgage.
There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1%, but a typical fee is £495.
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