An offset mortgage can also be referred to as a savings account mortgage - because the balance of your savings account when positive is offset against the outstanding balance of your mortgage. This means that you do not accrue interest on the balance of your savings account but do not pay interest on the same amount of your mortgage at a set rate. In this way an offset mortgage can help you make a saving on your home loan.
In the last few years interest rates haven't provided very good returns on stocks, shares and investments and the financially astute adviser should have spotted that it is currently very tax efficient to save against your mortgage. Many people understand that one of the best forms of investment is property, so why not reduce the interest that is paid on a mortgage and repay the borrowing as early as possible.
The benefits of a flexible offset mortgage are that it could reduce the amount of interest payable on your outstanding mortgage. This means you will pay less over the life of the mortgage meaning either lower monthly mortgage payments or a shorter mortgage term.
Endsleigh Financial are able to help guide you expertly through the best options available to you for offset mortgages. We are able to look at 1000's of different mortgage products within the UK marketplace. Compare offset mortgages now by completing the online quote form.
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