Best Buy Offset Mortgages
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Overall Cost for Comparison 3.80% APRC. This is the cost of the mortgage over the full term. Early redemption charges may apply.
If you're looking for an offset mortgage, see our comparison table below and find out if there's one that suits your needs. Offset mortgages can help you reduce your mortgage payments and pay your mortgage off sooner, by using your savings to offset the amount you borrow. As an example, £20,000 of savings with a £100,000 offset mortgage would mean you would only pay interest on £80,000 of your loan. To help you find the right mortgage deal, in the table below you can compare our selection of the latest deals from leading providers – just click on the links to get quotes:
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When searching for offset mortgages, the best buyers often tend to shop around as much as possible. By comparing different deals and offers from lenders using mortgage comparisons, customers are much more likely to find a competitively priced deal on an offset mortgage.
Unlike many other types interest rate deal, an offset mortgage allows customers to use their savings, or even money that may exist in a current account, to offset the cost of their interest on their mortgage repayments.
There are a number of different offset mortgages available to customers, and they can often be very flexible depending on the type of deal that is selected. It is therefore important to analyse the terms and conditions of a proposed agreement before committing to it. If you are searching for the best buy on an offset mortgage, feel free to consult our mortgage comparisons table above.
Generally speaking, offset mortgages are best suited for customers who will be able to commit a significant amount of money to their mortgage on a long term basis.
For example, a borrower who has a mortgage of £176’000, and some savings amounting to £60’000 will able to use this amount to offset the cost of mortgage. Using this agreement, the customer will only be expected to pay interest on £116’000. It is also worth remembering that some providers may also allow customers to link money from several different accounts, allowing them to save even more money on their interest payments.
When searching for the best buy on an offset mortgage, it is important to remember that many of these mortgages may have several differences, and interest rates on your mortgage may dramatically increase if money is withdrawn from these accounts.
Here are some examples of some common conditions that may be included with an offset mortgage:
- Some accounts may allow customers to link different accounts, however some others may not
- Others may have significantly higher interest rates compared to normal mortgage agreements, and are therefore worth watching out for.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
The above mortgage products highlighted on this website are 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