Offset mortgage rates
Tailored rates with firstmortgage.co.uk
Offset mortgage rates vary from lender to lender - but you can be sure that with First Mortgage you’ll find the best deal on the market.
We search every offer in the UK, checking for the lowest offset mortgage rates. Our whole of market choice can save you time, money and hassle - and we won’t charge you anything for our service.
What is an offset mortgage?
With an offset mortgage you can link your savings and current account with your mortgage (each through separate accounts). This means that any cash you have in savings can reduce your interest payments. For example, if your mortgage is £180,000, but you have a savings pot of £20,000, you can offset your savings and pay interest on £160,000.
Is an offset mortgage rate right for you?
While offset mortgages offer lots of benefits and incentives, they are not the right deal for everyone. Before making your decision, it’s worth considering the following advantages and disadvantages:
The more savings you have - the more interest you’ll save and the faster you’ll pay off your mortgage
However, you won’t receive any interest on your current account savings. As current interest rates are relatively low, this isn’t such a big drawback at the moment
Any outstanding debts through credit cards, secured loans and store cards is consolidated into the deal, usually saving you money on interest repayments
However - bear in mind that consolidating your debts does mean that you will take longer to pay off your mortgage
Unlike a current account deal, you can still see your individual accounts
If you are self-employed, work on commission, or simply have an unpredictable income, this might be a good option for you
The extra flexibility means that interest rates are generally higher than other standard deals
Find a low offset mortgage rate
Call us on 0845 603 1525 to talk with our team about the latest low offset mortgage rates. We are happy to offer advice and assistance, whatever your mortgage needs!
Get quotes prepared fast and easy from our award winning brokers starting, with our smart online form. Quote request
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