Offset Mortgages | Are They A Wise Choice For You?
An offset mortgage is a fully flexible mortgage which allows a borrower to keep balances (such as debt, savings account and current account) in separate accounts, but, for the purposes of interest calculation, all balances are aggregated.
Money in savings or current accounts is set against the mortgage balance and interest is only charged on the outstanding amount, meaning interest payments are lowered or depending on the lender the term of your deal can be reduced.
How they work
The principle is simple: some borrowers also have savings, even if they are small, and using this money to cancel out mortgage debt makes sense. By utilising your savings to offset your payments you avoid paying tax on interest that savings deposits would normally attract. Additionally, because offset lenders calculate interest daily, every pound in your deposit account works hard to reduce the cost of borrowing.
Flexible deals come in many guises, but in many cases allow you to make extra lump sum or monthly payments, borrow back money, take payment holidays and make underpayments.
Will You Benefit From An Offset Mortgage?
Offset & Flexible mortgages suit certain type of clients but they can often come attached with slightly higher interest rates or fees so it is essential to compare the scheme against a mainstream discounted or fixed product to ensure the benefits and savings really do work for you.
With more and more lenders operating in the offset and flexible market, all offering different ‘quirks’ on their products in competition with the each other it is crucial that a comprehensive comparison is made. With instant access to a whole of market panel of lenders we can compare lender products at the touch of a button thereby ensuring that you are getting the most suitable deal available to suit your individual circumstances.
Our quotations and illustrations are completely free so you have nothing to lose and much to gain by contacting us to find out what we have to offer.
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Karl!!! Thank you very much for your help and support. I will definitely recommend The Mortgage Broker to friends. (03/05/13)— MR NIAKAM - NEWCASTLE
Fantastic service from a friendly group of staff. I thank Damian Richards for his full support with this application. (18/03/13)— MR & MRS DERVISH - MANCHESTER
Super service- Damian Richards was particularly helpful. (08/05/13)— MRS SILVER - NEWCASTLE
We have found the process efficient and smooth, we have been using Karen & Karl who have been prompt with their replies. (02/04/13)— MR & MRS HILLYARD - LONDON
Recommended local broker who made the mortgage process quite straight forward! (03/04/13)— MR & MRS WARD
Very smooth and efficient service from Clive Ringrose. (28/03/13)— MRS SEXTON - LEEDS
All your staff have been very helpful, available at times that we have found convenient and prompt with service and replies. What can I say, we look forward to using you in the future. (03/04/13)— MR & MRS SELL - LONDON
We have worked with The Mortgage Broker (St Neots) Ltd twice over the past 6 years and have found their service to be first class. Their knowledge of the mortgage market and their 'out of the box' thinking has helped many of our clients secure mortgages where previously they had been turned down. I would have no hesitation in recommending their services as their reporting, speed of service and prompt payment of commission is second to none."— Stuart Meriton - Director, http://www.peterlane.co.uk/
Damian has been excellent at every stage. The speed at which he acted after my initial communication really impressed me and made the process much easier and faster. An advisor to be proud of. (30/04/13)— MR BUSSO - WARWICKSHIRE
Clive has been a star – he always emails back quickly. He doesn’t mind that it’s better for us to communicate via email and he’s always happy to answer any questions! Thanks Clive. (09/05/13)— MR & MRS DAVEY - BEXHILL
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Thank you to Mary and Julie for making the process of getting a quality and competitive mortgage that matches our personal and financial circumstances a completely hassle free experience. I wouldn’t hesitate to recommend your service. (18/04/13)— MR HUTCHINSON - BIRMINGHAM
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The Mortgage Broker and its staff provide a very professional service and I will use them again when purchasing additional properties. Clive Ringrose has a very good understanding of the financial products that suited my requirements. (30/04/13)— MR ADAMS - CAMBRIDGESHIRE
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Karl and Julie were excellent. (15/04/13)— MRS BOFF - BOLTON
Damian Richards- very helpful, knowledgeable and attentive. Excellent communicator, even out of office hours. Thank you. (12/03/13)— MISS MERCHANT - CAMBRIDGESHIRE
We have worked with The Mortgage Broker (St Neots) Ltd twice over the past 6 years and have found their service to be first class. Their knowledge of the mortgage market and their 'out of the box' thinking has helped many of our clients secure mortgages where previously they had been turned down. I would have no hesitation in recommending their services as their reporting, speed of service and prompt payment of commission is second to none."— Stuart Meriton - Director of Peter & Lane Partners
We were very impressed with the service we received from both Clive and Karen. Our documents were forwarded to the bank on the day they were received and quickly returned to us. Any queries we had were promptly answered. I was very happy with the service and would highly recommend The Mortgage Broker. (25/04/13)— MR BROWN & MISS PEARLMAN - LONDON
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Very good efficient service from all. I dealt with Damian and Julie. (11/03/13)— MR COLLIER - SURREY
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The Mortgage Broker always provides an exceptional service, delivered in an efficient manner by friendly professional people. Many thanks to Darren for finding me exactly the mortgage I was looking for with the fixed rate I requested, and thanks to Karen for keeping me up to date on a regular basis with information from both solicitors and mortgages. (12/02/13)— MRS SAUNDERS - CAMBRIDGESHIRE
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Just wanted to say thank you for all your help during this process. For me with a full on 60 hour plus a week job it was invaluable being able to do this all through the post. (26/04/13)— MRS CHURCH - NORFOLK
I was very impressed with your mortgage advisor Jodi Spreadbury as nothing was too much trouble. She explained things in simple terms and I was surprised she didn’t get fed up with all my questions. She is a true professional and I have been in commercial life for the last 40+ years, so I know what I’m talking about. I wish there was a Jodi in all companies that I deal with but sadly this is not the case. (16/04/13)— MR BOND - HIGH WYCOMBE
Further to our mortgage application which was dealt with firstly by Damian Richards then secondly by the admin team and Julie Hickling; your company and staff have been outstanding in their professional approach with our mortgage requirements!! Our sincere thanks to both Damian and Julie who gave us 100% superb service and commitment, kept us informed at all times. We had a deadline to complete and Julie went the extra mile for us!! (26/04/13)— MR & MRS MASAUN - WOLVERHAMPTON
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