The Office of National Statistics says unemployment is at its highest level in 10 years, as the economy tips into recession.

That means many people are fearing for their jobs, or at least looking at a 2009 with no pay rises, limited commission and no bonuses. This makes offset even more relevant.

Because offset mortgages, as well as being great vehicles to save money, can also be vehicles to spend money too.

Offset mortgages use money saved in one or more bank accounts – the more invested into the accounts, the lower the mortgage rate. But also, offset can be seen as a nest egg for when there is less money about – like during a recession. But because offset always makes savings, no matter how much is offset, and you will always be better off.

For example, a borrower can remortgage over to offset, finding maybe £30,000, which can be put in an offset account. They then need maybe  £5,000 a year extra to cover their small business costs, which can be taken out the offset amount.  Although the original amount will drop, offset could still allow maybe a £200 a month saving on mortgage repayments.

So the borrower could use these funds to pay the bills and still save in the long run, beating the recession and coming out top. It takes planning, and it takes sensible, adviser-driven action, but you can get through any recession with an offset.

To stay abreast of current trends, news and comment on offseting mortgages visit the Offset Mortgage Blog.