Thank you for your enquiry for a Offset Mortgage
Each person has unique and individual circumstances and requirements, and our recommendation for your Offset Mortgage will reflect your own personal needs.
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Many people would like to pay off the balance of their mortgage before the term was up. It would be one less major expense that would be coming out of their pocket on a monthly basis. The Offset Mortgage strategy was formed with this in mind.
This financial strategy began in Australia decades ago. Offsetting mortgage debts against current accounts and savings is the principle behind this strategy. These ideas have now become popular in Britain.
There is a simple principle behind Offset Mortgages. Mortgage borrowers use their savings (no matter how small) to cancel out a proportion of their monthly mortgage debt. There is no interest that needs to be paid on the savings that the money would have otherwise made sitting in the bank. The interest to the offset savings is calculated on a daily basis. Every pound that is set aside works toward reducing a mortgage debt. All of your savings will be earning interest in a higher rate of interest savings environment.
The main type of offset deal that exists is the current account mortgage (CAM). This type of mortgage links the borrower’s current account with the present mortgage. With CAMs the mortgage and the current bank account are combined. This makes for one single statement received by the borrower and one balance in total. With CAMs the same services as an ordinary bank can be offered. To reduce debt balance, other services can be added into the CAM account. Savings can be added at any time and placed directly into the CAM account and immediately offset the borrower’s mortgage. Personal loans and credit card debts can be added to the CAM account. The same interest is paid for all items in the CAM account and this can be a tremendous saving especially when dealing with credit card debts.
It comes as no surprise that the market for the offset interest mortgage provider has grown from just a few providers to over 100 providers in just a couple of years.
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