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If you search the Internet for offset mortgage adviser or talk to an offset mortgage adviser you will always hear the message ’shop around for the best offset mortgage’ because it is a complicated financial product. But what happens if you pick the wrong offset loan?

What is the worst that can happen? Well, if you opt for a loan without consulting an expert or without shopping around you will almost certainly end up with a loan that doesn’t work exactly with your income. You might be a self employed person and earn an erratic wage or you may be someone who works seasonally and earns more during some times in the year than others. For an offset to work you need a loan that maxmises your income and that might not be happening with the offset you chose.

You may also find that the offset you plumped for doesn’t allow you to access all your savings accounts and pots. If you have accounts and savings in all different directions then you want them all linked to your mortgage – essentially, the more you can offset against your mortgage the better. If your offset isn’t able to access everything then it isn’t making your money work as hard as it can.

It may also be the case that your income works so as an offset that calculates daily would benefit you, or vice-versa. A good offset loan works with your income and your outgoings – it’s a flexible loan, and should be able to work round you and not the other way round.

It may be that if you do not ask an expert before signing up for an offset mortgage you will still get a loan that helps you save money and is cheaper if you offset more against it. But you may be missing out on a world of benefits, of extras and breaks that save you even more money. And in these tough economic times the more you can save, the better.

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