Article: Offset Mortgages. A Dream For Well Off Homeowners.
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Offset Mortgages. A Dream For Well Off Homeowners.
Offset mortgages represent one of the biggest mortgage innovations seen in recent years. Six years ago there was hardly an offset mortgage to be seen. Now they and the current account mortgage, to which they are closely related, account for £10 out of every £100 of new lending.
What?s more, one of the UK?s large lenders believes that 25% of existing mortgage holders would be better off with an offset mortgage. So if you?re in the market for a mortgage you need to know what they?re all about. Otherwise you could be missing out.
Firstly, how does an offset mortgage work?
The basic idea is that besides borrowing money from the mortgage lender, you also run savings or deposit accounts with them. Then you are charged interest not simply on what you h...
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