When deciding on the best offset mortgage UK consumers have a number of options for making the choice. One that might be less obvious is to see which of the lenders has won industry awards for its offset mortgage lending. Here is a roundup of some of the winners of the best offset mortgage UK awards from different industry bodies, including What Mortgage magazine, Your Mortgage Magazine, Moneywise and others. Three lenders are featured (First Direct, Yorkshire Building Society and Intelligent Finance), along with a round up of their latest deals. This may show why these three lenders are UK winners.

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So you have been searching round for the perfect mortgage, and the term ‘offset’ keeps coming up. What is an offset mortgage? What does it do differently from the regular mortgages that you already understand? It may seem daunting to choose something that you haven’t previously heard of - and you are right to be cautious, as the key to good financial decisions lies in understanding and knowledge – but it’s not rocket science. With a bit of simple explaining, you can find out the definition of offset. It is nothing to be afraid of, in fact after you learn what is an offset mortgage you’ll probably be jumping at the chance to sign up for one.

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This offset mortgage definition will try to answer any questions you may have to as exactly what an offset mortgage does that another mortgage doesn’t – an offset mortgage definition to help you decide whether it’s an offset deal that you need rather than a more standard loan. Information is key - to know exactly what sort of mortgage you want, and to know how to make the most of your finances you must have a firm grasp of all that offset mortgages have to offer. So here it is, an offset mortgage definition that will help you to make an informed decision about your next mortgage.

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There are so many offset mortgage deals out there that searching through them can become a nightmare. Every website you search and every lender you contact will no doubt have countless deals that will leave you in despair, wondering which way to turn. But there is someone who can help find the needle in the offset mortgage haystack – your broker. A broker’s job is to know the mortgage lending industry inside out - some even specialise in offset mortgage search, so they can always guide you to the best deal. Also, many of the best lenders are those who only deal with brokers, meaning the perfect mortgage for you may only be available to you through a broker. Simply, a broker is offset mortgage search made easy.

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An offset mortgage account is no ordinary account. It’s a bank account that works for you, rather than for the bank. It’s a bank account that can save you money while making you money, and it’s also a bank account that will make sure you are getting the cheapest mortgage possible. But how do you make the most of it? How can you make your offset mortgage account work as hard as it can? Won’t it be extra effort and financial hassle that you just don’t need? Not at all. It’s not rocket science - it’s just sensible suggestions and manageable targets that will pay dividends to you and your mortgage.

Read our Hot Tips on maximising the benefits of an Offset Mortgage Account

When it comes to offset mortgages, the word cheap must be met with some caution. A cheap offset mortgage may be great for you, but cheap does not mean good. A cheap offset mortgage is a deal where your monthly repayments are low – but is that enough? At first glance the answer would obviously be yes, a offset buy is exactly what you want. But a good offset mortgage must be much more than a cheap offset mortgage – it must be the right mortgage for you. So before saying yes to the cheap option, think hard about what you really want.

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Choosing any mortgage can be a nightmare – there are so many options, so many deals and so many lenders it can leave the most determined homeowner at their wits’ end. And deciding which offset mortgage is the right deal can be even more of a hassle – finding the right rate as well as finding which offset mortgage account will work for your income means there is twice the headache. But don’t fear, because there are some handy tips to bear in mind that will help choosing which offset mortgage is the best for you. It’s just a matter of knowing exactly what you want from your mortgage before you look at the deals that are out there.

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Offset tracker mortgages may not be the right mortgage deal for everyone, but if you match certain conditions then offset tracker mortgages might be right for you. These flexible mortgage deals suit people with a variable income. Many of the people who earn large City bonuses may apply those record breaking sums to repay their offset tracker mortgages. And self employed people may also find these deals suitable. On the other hand, some people prefer the security of long term fixed rate deals, which are available from several lenders. It’s best to weigh up your finances to find out whether offset tracker mortgages are suitable.

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How do you know that you’re getting a good deal when you compare offset mortgage deals? One way is to look at the best buy tables and see what comes out at the top. When we came to compare offset mortgage products with others on the market, three of the top five deals were offset mortgages. These offered annual percentage rates (APRs) of between 5.98 per cent and 6.39 per cent, which compared well with the fixed rate best buys. Although the perception is that offset mortgages may cost more, when you compare offset mortgage deals, this is not always true.

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Keeping monthly repayments low is one reason why some mortgage holders might choose a flexible interest only mortgage. If you’re a first time buyer who has just scraped together the necessary deposit (much larger in a booming property market) then this type of mortgage might appeal. And a flexible interest only mortgage might also find favour with buy to let landlords looking to keep as much of their investment capital free as they possibly can. Whatever the circumstances, you will still need a plan to repay the flexible interest only mortgage, so here’s some guidance to help you put that plan in place.

Read more about the Flexible Interest Only Mortgage