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New research from Scottish Widows reveals that Brits who worry about their finances spend an incredible 11 hours a week doing so – but with an offset loan all those worries could disappear.

People are fretting for more than a working day each week – or 24 whole days a year. They are worrying about being able to pay their mortgage, worrying that they are not saving enough for their old age, worrying about getting on top of their debts and worrying if they have the right financial products.

And on average, it is young people who worry the most about their financial futures – those aged 18 to 34 spend the most time worrying for 13 hours per week. Iain McGowan, savings expert for Scottish Widows continues: “It’s incredible that Brits spend so much of their time worrying about their finances.”

That’s where a professional mortgage broker comes in. They can help you alleviate all your worries by showing you all your options and laying out short and long term plans for success. One of those options might be an offset loan – it can help make your mortgage rates smaller, it can help you save for the long term, it can help you pay down your debts and it can link all your savings products together in an efficient way.

SOURCE: Scottish Widows, 16/03/10

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

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Many savings rates have tumbled over the last few months as lenders try and offer cheaper mortgages – with an offset you can have the best of both worlds.

At the moment, in order to maintain their balance sheets, banks can either offer competitive mortgage or saving deals, not both. And according to Moneyfacts, since November 2009 mortgage rates have been reducing, but in order to fund these cuts savings rates have fallen too.

Michelle Slade at Moneyfacts says: “Providers have moved their focus to the more profitable mortgage market, with savings rates being reduced to fund mortgage cuts and those who really on their savings to supplement their income being hardest hit.
 
“It is already virtually impossible for savers to find an account paying a positive real return after tax and inflation and falling rates are only going to exacerbate the situation.”
 
With an offset mortgage you can have it all – you can save money each month and you can have a cheap mortgage rate. Because with offset you don’t need to worry about cheap savings rates, you save money by reducing your mortgage rate each month through increased savings.

So if you are sick of looking for the impossible combination of high savings rates and low mortgage rates, talk to an offset expert about taking out a loan that saves you money while also giving you a low rate of mortgage repayment, giving you everything that you need.

SOURCE: Moneyfacts, 09/03/10

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