Offset mortgage

Do you have savings and/or save regularly?

If so you might benefit from an efficient way to use your savings and either pay off your mortgage early or reduce your monthly repayments over your existing mortgage term.

With an offset mortgage any savings that you place in the savings account linked to your mortgage means that you pay less interest on your mortgage, this means that you either reduce the term of your mortgage or benefit from lower monthly repayments.

Say you have £100,000 mortgage and £20,000 in savings, you could put the £20,000 into an offset savings account and only pay interest on £80,000. The savings are still yours to withdraw at any time should you need them or add to when you are able but while they are in the offset account you are saving money on your mortgage.

Offset can be a tax efficient way to put your savings to good use.

Why not give us a call to find out how much you could save?