At Expedite Finance, we can help find you the very best deal on all kinds of mortgages, including the more complex option of an offset mortgage. This specialised loan option is suitable only for certain types of customers, mainly those who have sufficient savings to make it worthwhile.

As with all mortgages there are certain benefits to choosing an offset mortgage as well as potential pitfalls, so it is essential you understand exactly what is involved before choosing this route. Our team have the knowledge and a vast experience within the mortgage market to give you the very best advice, and to find the most suitable deal for your personal circumstances.

What is an Offset Mortgage?

An offset mortgage is one in which your savings are effectively used as a guarantee to reduce your mortgage repayments. For example, if you have £20,000 in savings and take out a £100,000 offset mortgage you will only pay interest on the £80,000 difference; the mortgage is offset against the savings.

The benefits of this are lower interest repayments, and the possibility of paying off your mortgage sooner than expected. Furthermore, as savings interest rates are so low these days, by taking on an offset mortgage, your savings will be benefiting from your mortgage interest rate, which will undoubtedly be higher than the rates in your savings account.

There is a further benefit that is of importance, especially to those with large amounts of savings: savings accounts are taxable, yet with an offset mortgage you are saving tax free – this can make a considerable difference to your yearly outgoings. Also, while your savings are part of the mortgage total, you will usually still be able to access your money, which is a further advantage of an offset mortgage.

However, there are certain pitfalls: the first is that the interest rates applied to an offset mortgage will be higher than those for either a variable rate or fixed rate mortgage. It is important to understand the implications of this by comparing the maths of an offset mortgage against other available options – you may find you would be better off with a standard mortgage. For those with a decent amount of savings, however, the offset mortgage is always an option worth investigating, as the tax benefits can be impressive in many cases.

Our team at Expedite Finance are positioned to help our clients with all types of mortgages and we understand best when an offset mortgage may be the best option. Our team also may have access to lenders and products that might not be available to you directly so it’s worth giving our advisers a call for a quick chat.

We search high and low to ensure that our clients are aware of the best deals available and our team are on hand to help in any way we can. Call us today on 0800 2012 148 for more information about offset mortgages or any other mortgage or insurance related matter.

For mortgages, we can be paid by commission from the lender and a client fee of £395 paid on completion of the mortgage.


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