Offset Mortgage - Is it Right For You?

Firstly, what is it? Put simply, an offset mortgage uses the money you have in your savings or current account and offsets this against your mortgage. In the correct circumstances this can save you a great deal of money, but we recomend that you have your mortgage broker explain everything in fine detail.

Market research indicates that as many as one-in-four might be better off with an offset mortgage, but they are not for everybody, whether due to circumstances or sentiment.

So, how do they work? As indicated above, money that you have in a current or savings account is offset against money that you owe on your mortgage, thus reducing the amount you owe and, consequently, the level of interest paid on your loan. As an example of how this works, suppose that you have a mortgage loan of £150,000 and savings of £12,000 then interest would be charged only on £150,000 less £12,000, or £138,000, a substantial difference.

At MortgageMiracles our job is to put you in touch with highly trained, professional Mortgage Brokers, professionals who work in this market place day-in, day-out, understand both your needs and the solutions. You have nothing to lose, a huge amount to gain.

To find out if an Offset Mortgage is the right choice for you, just complete the contact form below and we will 'phone you back at your convenience; no cost, no obligation, no bull, just good, honest advice

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