Offset Mortgages
An offset mortgage enables you to use your savings to reduce your mortgage balance and the interest you pay on it.
For example, if you borrowed £200,000, but had £50,000 in savings, you would only be paying interest on £150,000.
Offset mortgages are generally more expensive than standard deals, but can reduce your monthly payments, whilst still giving you access to savings.
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Explore your mortgage options
Before you choose a specific deal, you need to decide what type of mortgage is the most appropriate for your needs.
People buying their first home often have specific needs when it comes to finding a mortgage. A range of mortgages exists specifically for this market sector.
With options for overpayment and payment ‘holidays’, a flexible mortgage can make the traditional 25-year British mortgage look rather old-fashioned.
These are mortgages suited to people building a new home. With a self build mortgage, money is released in stages as the build progresses.
Remortgaging means switching your mortgage to another deal with another lender without moving property.
Equity release can help people release cash (equity) in their homes for a particular purpose, like supplementing retirement income.
These types of mortgages are designed for property investors and private landlords, who do not intend to live in the purchased property but will let property to tenants.
A bridging loan is taken out to ‘bridge’ the gap between the purchase of a new property and the sale of an existing one.
The government has put in place a number of schemes to support house purchasers, such as Help to Buy.
An offset mortgage enables you to use your savings to reduce your mortgage balance and the interest you pay on it.
Second charge loans can be secured against residential or Buy to Let properties.