If you are doing research to understand the principles of offset mortgages this area of the site will definitely help. From here you can directly access our exclusive articles covering all aspects of offset mortgages. How to choose the right deal for you, what to look out for when comparing deals, what are the best deals currently available from our whole of market panel of lenders and how offsetting your savings against your mortgage payment can be of substantial benefit to many homeowners are just a sample of the information that is freely available from the links on this page.
Offset mortgages were introduced into the UK in 1997 by Virgin, an import
from across the pond in Australia . The concept was simple: if you had savings and a mortgage, why not offset your savings against your mortgage and pay a reduced amount of interest? The idea caught on with UK consumers and now there are approximately 30 providers offering offset mortgage deals in the UK*. That represents about 10 per cent of UK mortgage providers, so it's a significant part of the mortgage market.
It is estimated that people who have large amounts of savings (such as £20,000) could save a small fortune in interest over the life of their offset mortgage. They are also likely to repay their mortgage early, some by as much as eight years**. This is because offset mortgages are also flexible. This means that people can overpay, underpay and take payment holidays depending on the terms of their particular offset mortgage deal. However underpayments and payment holidays could increase the mortgage term and/or the total amount payable.
If after reading our articles you feel that an offset mortgage could be of benefit to you just give an expert mortgage advisor a call on 0845 6033173. Not only are they experts on offset and flexible mortgages they also have the latest technology available allowing them to find the most suitable deal to meet your personal circumstances from a whole of market panel of lenders.
This professional mortgage broker service on Offset and Flexible mortgages is completely FREE. Once you decide to go ahead with any mortgage that is sourced on your behalf you will be allocated a personal case manager who will work with the lender, your solicitor, the estate agents and keep you up to date with the progress of your mortgage application up until the day you pick up the keys to your new home or your remortgage is complete.
