19 Apr 2024

What is an Offset Mortgage?

Offset mortgages allow you to put all your money in one place - from your mortgage and loans to your savings and current account, giving you the flexibility to live your life differently.

With an offset mortgage you get the best of both worlds - the flexibility and value that comes with putting your money in one place and the security of being able to see and manage your finances any way you like.

Offset Mortgage Calculator

Many of the major offset mortgage lenders such as Intelligent Finance and The One Account have offset mortgage calculators to help you see how much you could save with an offset mortgage. Simply click on the links above to visit the mortgage lenders website to see if an offset mortgage can save you money. Alternatively compete our offset mortgage advice form and let one of our professional advisors see if an offset mortgage is right for you.

Pros and Cons of Offset mortgages

Pros

• you pay a single low interest rate on everything you borrow – your mortgage, loans and credit cards
• you get a great return on your savings and the money that normally sits idle in your current account - with no tax to pay
• you get complete flexibility on how much you pay on your mortgage each month you always have complete access to all your money

 

Cons

• No stability when compared to a Fixed rate mortgage
• Interest rates are often high than a comparative standard discounted rate.

Offset mortgage key points

allows you to:-

• You pay a single low interest rate on everything you borrow, your mortgage, loans and credit cards
• You get a great return on your savings and the money that normally sits idle in your current account - with no tax to pay
• You get complete flexibility on how much you pay on your mortgage each month you always have complete access to all your money
• You manage your money in the way that suits you – by telephone, internet or in the bank branch
• You can use the account to plan your future - tell us what you want to get out of life and we'll help you get there
• You can see your money how you want - look at one balance or break it down so you can see your mortgage, loans, savings and current account money as individual balances

 

You can visit the Accord or Coventry BS website to do a quick calculation of the savings you could make. You can also check how much you can borrow, how much your monthly payments would be and take a look at the Accord or Coventry BS mortgages eligibility criteria. you can even apply online.

Additional information can be found on Go Direct mortgages on the best offset mortgage deals.

 

Do you want fee free Offset mortgage advice?

If you would like to discuss offset mortgage or remortgage schemes with a professional mortgage advisor please complete our mortgage advice form and an independent mortgage advisor will contact you to discuss your offset mortgage requirements.

You may also be interested in:

• Mortgage Protection Insurance
• Best offset mortgage
• Mortgage Rates
• Best Mortgage Type
• Fee Free Mortgage Advice
• UK Life Insurance Quote

We normally do not charge a fee for mortgage advice, however this is dependent on your circumstances. Our typical fee would be £349

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE