Unlike fixed-rate deals, rates for offset tracker mortgages vary in connection with changing base rates. Furthermore, your home loan will be linked to a savings and/or current account so that the money you have is offset against your mortgage, reducing the amount you have to pay interest on. Offset tracker mortgages may be a good idea if you have substantial savings, as the debt can be cleared more quickly than on a standard mortgage. With an offset tracker mortgage you may be able to:
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Underpay and take payment holidays, provided you have made sufficient overpayments
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Offset multiple savings accounts and current accounts
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Shorten your repayment period by paying off capital more quickly
Despite this, offset tracker mortgages often have higher interest rates than fixed rates, so it is worth weighing up all the options. You can do this using our simple enquiry form. An advisor will contact you to discuss the best deal for you and to answer any questions you may have.