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Offset mortgages

Submitted by Mortgage Broker on Tue, 2006-08-01 13:27.

Offset mortgages are similar to a current account mortgage.

However, it allows you to keep your funds in separate accounts with the same lender whereby the total of the money from the various sources (current account, savings account etc) is offset against your mortgage loan.

Interest is paid on the net balance between the accounts. Interest calculated on a daily basis so you are not paying interest on money already paid.

 

First Direct Offset Mortgage Deals

First Direct have launched two new offset mortgages that they hope will tempt more consumers into taking on this type of agreement.<

Money to be saved by offsetting mortgages

More people in the UK should be taking out offset mortgages or at least having some sort of offset facility written into their agree

Two year fixed rate mortgage from First Direct

First Direct have a new two year fixed rate mortgage deal with offset facilities that represents a decent bit of business if you're in the market for a fixed rate deal.

Offset tracker from Coventry

A new combined offset tracker mortgage has been announced by Coventry Building Society.

The charges for the new deal stands at the base rate plus 0.10 per cent, meaning the current interest rate is 5.60 per cent. The mortgage offers free valuation for borrowers, while those looking to remortgage have the opportunity of free legal fees.

Tracker mortgages might be the way forward

Research from a leading finance comparison site has shown that in wake of the base rate hike, offset mortgages are becoming far more attractive to consumers.  

Woolwich revamp offset mortgage

Woolwich has given a face-lift to its recently launched ‘City mortgage’ enabling workers to pay for their home more quickly. 

N&P introduces two new offset mortgage products

Norwich & Peterborough Building Society is set to launch two new offset tracker mortgage products that will benefit customers with long term competitive interest rates.