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How do offset mortgages work?
Offset mortgages work by “offsetting” the amount of money you owe your lender on your mortgage loan against what you have in a savings account. Your lender “takes away” the amount of money you have in savings from the amount you owe on your mortgage. Then, you only pay interest on the amount that’s left.
For example, let’s say you have a mortgage of £200,000, and have £30,000 in savings. With an offset mortgage, you would only pay interest on £170,000 of the mortgage, instead of the full £200,000.
If you had an interest rate of 4%, that would mean paying £897 per month, £159 less than if you were on a standard repayment mortgage with the same rate, based on a 25 year term.
If you think that an offset mortgage might be the right solution for you then get in contact with one of our mortgage experts. We can advise you on the best mortgages for your individual circumstances.
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