It should be remembered however that any changes to these interest rates could also be just as harmful as they are beneficial.
Customers should therefore carefully consider the type of policy that they will require, as the length of these deals may often be quite variable.
Here are some examples that may be offered:
- 2 years policies
- 4 years policies
- Lifetime policies
As is the case with many similar offset mortgage deals, Offset mortgage tracker rates can also be influenced by the customer. Using this type of interest rate deal, customers can link money from a savings, current account, or in some cases both, to reduce the cost of their interest repayments.
So if for example a customer with a mortgage of £180,000 decides to use their savings of £20,000 to offset their mortgage. They will in effect only be paying interest on £160,00, saving them a significant amount on their interest repayments.
When searching for an offset tracker mortgage, it is important to compare deals and offers as much as possible, as the starting interest rates on these types of deal may be slightly higher than many other types of mortgage agreement.
Consult our free mortgage comparisons table to see some of the best offset mortgage deals available right now.