This article will briefly discuss what an offset mortgage is; and how an independent mortgage advisor can help you buy the best offset mortgage.
An offset mortgage links your main current account and/or savings accounts to your mortgage. Every day or month, the amount owed on your mortgage is reduced by the amount in these accounts, before the interest is calculated on the loan. When the money in your savings/current account increases, you pay less on your mortgage. If the money in your savings/current account decreases, you pay more on your mortgage.
When it comes to finding the best offset mortgage, it pays to have expert advice because there is more to a mortgage deal than meets the eye. Your mortgage will probably be the largest financial commitment in your life, and it pays to take time to look at the different options available to you.
There are different types of offset mortgages available on the market. You could look at best buy mortgage tables to find the best offset mortgage, but that only gives you superficial information. It doesnt show you the mortgages flexibility; i.e. the ability to underpay, take payment holidays, or overpay, or what the...
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