Mortgage Commentary

Latest mortgage rate deals

James Caldwell / 23 May 2012

Mortgage rates are constantly changing and the deals available from one week to the next make finding the best mortgage rate for your circumstances not always an easy task. We have put together a se... Read more

Over £250 billion of UK Mortgages not covered by life insurance

Colm Hebblethwaite / 09 November 2011

A large number of people in the UK have taken out a mortgage in order to get their feet firmly on the property ladder, but a new study has shown that a substantial amount of these people do not have... Read more

104% increase in buy to let mortgage deals over the last three years

Colm Hebblethwaite / 27 October 2011

New statistics released by Defaqto have revealed that the amount of buy to let mortgage deals on the market has risen by 104% since 2008. In October 2008, there were 237 buy to let mortgage pr... Read more

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First Time Buyer Deals - Get a Quote »

First Time Buyer Offset Mortgages

If you've got some savings but you don't want to put it all towards your first mortgage deposit, you could still reduce your interest rate with first time buyer offset mortgages. They allow you to use your savings to offset your mortgage, so you only pay interest on the remaining debt. If you have a £100,000 mortgage and £20,000 of savings, you will only pay interest on £80,000 of the loan. To make it easier to find the best first time buyer offset mortgages, we've put together our selection of the latest deals – see the table below to find out if there's a deal to suit your needs.

Offset Mortgages for First Time Buyers

Initial Rate	Provider	Term	Type	APR*	LTV
3.75%		N/A	Variable Offset	3.80%	75%	More Info >
3.75%	Call 0845 805 5689 to speak to a One Account mortgage specialist.					More Info >
4.00%		N/A	Offset	4.20%	75%	More Info >
4.00%	For purchase or remortgage. £499 product fee. Call 0800 1582934 to speak to a NatWest mortgage specialist.					More Info >
4.00%		N/A	Offset	4.20%	75%	More Info >
4.00%	£499 arrangement fee. Call 0800 068 7624 to speak to a RBS mortgage specialist.					More Info >

*APR = Overall Cost for Comparison

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

The above mortgage products are a selection of deals available directly through lenders who will be able to provide further information about the product you are interested in. If you are unsure about what mortgage product is suitable for you, we suggest you speak to an independent mortgage broker

Mortgage Deal Selection - Call Lender Direct

Initial Rate	Provider	Term	Type	APR*	LTV
2.69%		2 Years	Tracker	4.00%	60%	More Info >
2.69%	£999 product fee. Call 0800 1582934 to speak to a NatWest mortgage specialist.					More Info >
2.69%		2 Years	Tracker	4.00%	60%	More Info >
2.69%	£999 product fee. Call 0800 068 7624 to speak to an RBS mortgage specialist.					More Info >
3.09%		2 years	Tracker	4.40%	75%	More Info >
3.09%	£995 arrangement fee. Call 0808 168 45 88 to speak to a Post Office mortgage specialist.					More Info >
3.49%		2 Years	Fixed Rate	4.50%	80%	More Info >
3.49%	£995 Product fee. Call 0808 168 45 88 to speak to a Post Office morgage specialist.					More Info >
3.79%		2 Years	Fixed Rate	4.50%	85%	More Info >
3.79%	£995 Product fee. Call 0808 168 45 88 to speak to a Post Office morgage specialist.					More Info >

*APR = Overall Cost for Comparison

Compare Offset Mortgages

If you are a first time buyer you may wish to consider an offset mortgage if you have substantial savings or a current account in credit.

An offset mortgage deal will involve your mortgage lender will link your mortgage loan to your savings account, current account or credit card while keeping them separate to reduce your debt and the interest owed on your loan. For example, if you have £100,000 mortgage and £30,000 savings, you only have to pay interest on £70,000 of the loan.
This type of mortgage is flexible in the way that you can:

Make overpayments – allow you to pay off your debt in a shorter amount of time than other mortgage deals
Make underpayments – at times when your savings have been reduced you may pay less than the previous month
Take payment holidays – in times of need, for example, maternity and paternity leave you may be allowed time off from repaying your mortgage loan.

As a first time buyer, taking out a mortgage loan can be a stressful and daunting prospect but it is important that you find the right mortgage deal for you. An offset mortgage could be the best type of mortgage deal for you if you are:

A higher rate taxpayer
Have to pay school fees
Have a high level of savings
Have buy to let properties
Have an irregular income and rely on commission and bonuses

You may wish to utilise our product comparison tables to compare other types of mortgage deals and their various lenders.