Tailored rates with firstmortgage.co.uk
What is an offset mortgage?
With this type of deal you pay your monthly income into an account that combines your mortgage, savings and current account (though each can still be run separately). The more savings that you have, the more money you can offset against the mortgage sum, so reducing your interest. For example, with savings of £20,000 and a £160,000 mortgage, you need only pay interest on £140,000.
You can visit our calculator page to find out how much you can borrow. If you don’t keep up repayments then your home may be at risk, so it’s important to ensure that you don’t overstretch your finances.
More offset mortgage information...
Before you make a decision, it’s also worth considering the following pieces of offset mortgage information:
This deal is most effective if you have plenty of savings
Your can consolidate all of your debts and take advantage of lower interest rates than credit or store cards
It’s a very flexible arrangement allowing you to pay off your mortgage as quickly as you like
Unlike a current account deal, you are still able to see your individual accounts
People with erratic income, such as freelancers or unsalaried directors, may prefer this type of deal
The extra flexibility means that interest rates are generally higher than other mortgage types
Find offset mortgage information with First Mortgage
You can contact us on 0845 603 1525 for more offset mortgage information and advice. Our team are on hand to help you find the best deal on the market.
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