Offset mortgage deals
Tailored rates with firstmortgage.co.uk
There are hundreds of offset mortgage deals in the UK and finding the right one can be time consuming and frustrating.
If you’re searching for an offset mortgage deal, First Mortgage can help you find the very best offers from the whole of the UK market. We don’t charge a thing for our service, providing a totally impartial and free market search.
What is an offset mortgage?
With an offset mortgage you can link your savings and current account with your mortgage. This means that any cash you have in savings can reduce your interest payments. For example, your mortgage might be £115,000, but you have savings totalling £15,000. That means that you will only pay interest on £100,000. This helps reduce interest payments.
Is an offset mortgage deal right for you?
While offset mortgage deals offer lots of benefits and incentives, they may not be the best deal for everyone. Before making your decision, it’s worth considering the following advantages and disadvantages:
Offset mortgages work best if you have a large amount of savings
However, you won’t receive any interest on your current account savings. As current interest rates are relatively though, this might not be a big concern
If you regularly make overpayments you can pay off your loan much quicker than with standard deals
All of your other debts are consolidated into a single loan (including credits cards, store cards and personal loans), so you can enjoy lower repayment interest rates
It’s worth remembering that consolidating debts into a mortgage does mean that you will take longer to pay them off
You can still see you individual accounts, unlike current account mortgages
If you’re regularly paid large lump sums, bonuses or work as a freelancer, this may be the best option for you
Because of the increased flexibility the interest rate is generally higher than other with standard mortgages
For more information, advice and assistance feel free to call us on 0845 603 1525. We’re happy to discuss your situation and help you choose the best offset mortgage deal.
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